Business, Freight News, Road

Yellow sale approved

[ January 24, 2024   //   ]

A U.S. Bankruptcy judge on Dec. 12 approved bankrupt trucking company Yellow Corp to sell 130 of its real estate and shipping centers to 21 buyers for US$1.88 billion.

U.S. Bankruptcy Judge Craig Goldblatt, in approving the sale during a court hearing in Wilmington, Delaware, said the bids were a “tremendous outcome” for Yellow and its creditors.

Yellow Corp., the nearly 100-year-old trucking company, filed for relief under Chapter 11 of the U.S. Bankruptcy Code bankruptcy under Chapter 11 of the Bankruptcy on Aug. 6, 2023, in the U.S. Bankruptcy Court for the District of Delaware.

Yellow, formerly known as YRC Worldwide Inc., is a leading U.S. less-than-truckload carrier, and had nearly 30,000 employees nationwide.

Its subsidiaries continued to manage their businesses and properties as “debtors-in-possession.” The company suffered through financial struggles and growing debt