Yellow Trucking company filed for chapter 11 bankruptcy in early August and now companies are beginning to bid for the company's assets, which include 160 trucking terminals.
The filing also come years after former President Trump’s administration bailed the company out with $700 million, to save its roughly 30,000 workers.The company said it still plans to fully repay the bailout, despite nearly 100,000 creditors and $1.3 billion in debt payments coming due in 2024.
Yellow, formerly known as YRC Worldwide Inc., has struggled with financial woes for several years. The company's acquisitions of other carriers over the past few decades grew it to become the fifth-largest trucking firm in the nation and the third-largest less-than-truckload carrier. However, the low-cost carrier struggled with its debt load.
An attorney for Yellow explained during a court hearing that Estes was competing to finance the bankruptcy of its rival, but instead agreed to place a bid for the assets and possibly get better proposals at a court-supervised auction, the WSJ reported. Yellow also reportedly took an offer from Citadel and Boston hedge fund MFN Partners for a $142 million bankruptcy loan that could fund operations while the company sells its assets.
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