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An article from
Dive Brief


YELLOW TERMINALS NET MORE THAN $1.8B AT AUCTION

XPO, Estes, Saia and Knight-Swift came away with the most terminals in a
bankruptcy court-supervised real estate auction.

Published Dec. 4, 2023
Colin Campbell Reporter
 * 
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A weathered sign near the entrance of a Yellow terminal in Montgomery, Illinois,
notifies visitors the LTL carrier ceased operations on July 30, 2023. The
carrier’s terminals sold for $1.88 billion in a bankruptcy auction.

Photo by Larry Avila

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DIVE BRIEF:

 * Yellow Corp.’s terminals sold for $1.88 billion in a bankruptcy
   court-supervised auction, the company said in a court filing Monday night.
 * XPO, Estes Express Lines, Saia and Knight-Swift Transportation Holdings
   acquired the most properties of the 21 winning bidders. In all, 128 owned and
   two leased terminals were purchased.
 * XPO spent $870 million to acquire 26 owned and two leased terminals; Estes
   spent $248.7 million on 24 owned terminals; Saia spent $235.7 million on 17
   owned properties; and Knight-Swift got 13 for just over $51 million.

WINNING BIDDERS OF YELLOW CORP.’S TRUCK TERMINALS

The proceeds will pay back the shuttered company’s debts.







DIVE INSIGHT:

With the shuttered LTL’s employees laid off, its freight diverted to
competitors, and its trucks, trailers and other equipment separately headed to
auction, the billion-plus dollars in total real estate proceeds from the auction
will repay the company’s creditors. The auction remains ongoing, with a total of
169 owned terminals at play. 

Those include the federal government, which will recoup its $700 million
COVID-19 relief loan to Yellow, closing the door on a last-ditch bid by auto
carrier Jack Cooper Transport to resurrect the company. Jack Cooper’s bid would
have required the Treasury Department to extend the loan, which is due in 2024. 

With bids for terminals due Nov. 9, the auction kicked off Nov. 28 and wore on
for about a week in a federal bankruptcy court in Wilmington, Delaware.

The bankruptcy court last month gave auctioneers Ritchie Bros. and Nations
Capital the rights to sell Yellow’s roughly 60,000 trucks, trailers and other
equipment.

Editor’s note: This story has been updated to include a list of the winning
bids.


RECOMMENDED READING

 * Yellow terminal auction outcome could be revealed by Tuesday By Colin
   Campbell • Dec. 4, 2023

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Filed Under: Mergers & Acquisitions


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EDITORS’ PICKS

 * Colin Campbell/Trucking Dive
   
   
   TIMELINE: HOW ESTES RESPONDED TO A CYBERATTACK
   
   The company shut down its systems after detecting “outside actor activity” on
   Oct. 1 and restored all capabilities in about three weeks, executives said.
   
   By Colin Campbell • Nov. 22, 2023
 * Colin Campbell/Trucking Dive
   
   
   TRUCKING CONFERENCES AND EVENTS TO WATCH IN 2024
   
   Opportunities abound next year for executives to meet their counterparts and
   learn what’s new in the industry.
   
   By Colin Campbell • Updated Nov. 13, 2023


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MOST POPULAR

 1. A bank in Iowa failed because of trucking investments
 2. Yellow terminals: Mapping trucking firms’ winning real estate bids
 3. A. Duie Pyle wins 4 terminals for $29.4M in Yellow auction
 4. Yellow terminal auction resumes next week


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COMPANY ANNOUNCEMENTS

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From Portway International
December 05, 2023

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Editors’ picks
 * Colin Campbell/Trucking Dive
   
   
   TIMELINE: HOW ESTES RESPONDED TO A CYBERATTACK
   
   The company shut down its systems after detecting “outside actor activity” on
   Oct. 1 and restored all capabilities in about three weeks, executives said.
   
   By Colin Campbell • Nov. 22, 2023
 * Colin Campbell/Trucking Dive
   
   
   TRUCKING CONFERENCES AND EVENTS TO WATCH IN 2024
   
   Opportunities abound next year for executives to meet their counterparts and
   learn what’s new in the industry.
   
   By Colin Campbell • Updated Nov. 13, 2023

Latest in Mergers & Acquisitions
 * Yellow terminal auction resumes next week
   By Colin Campbell
 * A. Duie Pyle wins 4 terminals for $29.4M in Yellow auction
   By Colin Campbell
 * XPO gets $870M loan to buy dozens of Yellow terminals
   By Colin Campbell
 * Yellow terminals: Mapping trucking firms’ winning real estate bids
   By Colin Campbell, David Taube and Julia Himmel

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