More pieces of the Yellow Corp. network of terminals have been acquired by several of their former competitors in a second round of bidding.
Six companies recently spent a total of $83 million to acquire 23 locations in 13 states. In this latest round of bidding:
- Saia spent $7.9 million for 11 leases, adding to the $236 million it previously spent to purchase 17 of Yellow’s terminals
- Estes Express Lines spent $35.3 million on five leased properties
- A unit of R&L Carriers spent $9 million on three leased properties
- Part of ArcBest Corp. handed over $7.7 million for a terminal in Bethlehem, Pennsylvania
- Knight-Swift Transportation Holdings paid $417,150 for two terminals
Earlier this month, 130 of the bankrupt former LTL giant’s terminals were sold to 20 bidders for $1.9 billion
The sale of Yellow’s terminals was expected to wipe out most of the debt that forced the company to close and file for bankruptcy in August.
Yellow’s rolling stock — some 12,000 trucks and 40,000 trailers — is to be sold by Ritchie Brothers and Nation’s Capital.
Yellow ceased operations and filed for bankruptcy in early August, laying off some 30,000 employees, including 22,000 drivers. It blamed the Teamsters union for standing in the way of plans to streamline the company and make it more profitable.
For its part, the Teamsters blamed shoddy management for the demise of the 99-year-old company.
Credit: Source link
