Estes Express Lines, FedEx and four additional trucking companies were named the initial lead bidders in a bankruptcy court auction for 23 properties formerly leased by Yellow Corp.
Estes was named the winning bidder for five properties in the Midwest and on the West Coast for a combined $35.3 million. FedEx’s bid of $22.5 million was chosen for a property near Reno, Nevada. Yellow will transfer active leases on the properties to the buyers.
Yellow ceased operations in July amid financial pressure from elevated debt levels and disputes with the International Brotherhood of Teamsters, which represented thousands of employees. Yellow filed for bankruptcy in August and put about 300 owned and leased properties on the sales block to raise funds to pay off creditors.
The winning bidders for the 23 leased properties — primarily truck terminals — were announced by Yellow in a filing in the U.S. Bankruptcy Court for the District of Delaware. If approved by Judge Craig Goldblatt, Yellow will collect $82.9 million in the sale. A hearing is scheduled for Jan. 12.
In addition to Estes and FedEx, trucking companies R&L Carriers, Saia Motor Freight Line, ArcBest and Knight-Swift Transportation were named winning bidders for some properties, though at lower sales prices than Estes or FedEx.
Yellow said 118 leased properties and 46 owned properties are still for sale in the bankruptcy court auction. Earlier this month, Yellow received court approval to sell most of its truck terminals in the U.S. and Canada for about $1.88 billion.
Yellow is also seeking court approval to walk away from some of its leased properties, including truck terminals, warehouses and office buildings. However, some landlords have objected to the amounts Yellow offered to pay to be free and clear of its tenant responsibilities. A few landlords said Yellow is responsible for the costs to repair property damage it caused to truck terminals.
Here are some of the leased properties that sold in the latest round of the auction:
Estes Express Lines
FedEx
R&L Carriers
Saia
- 2200 N. Batavia St., Orange, California.
- 7180 Kestrel Drive, Missoula, Montana.
- 122005 W. Browns Gulch Road, Butte, Montana.
- 2615 Lockheed Ave., Watertown, South Dakota.
- 900 E. Omaha St., Rapid City, South Dakota.
- 62 Copper Ave., Evansville, Wyoming.
Knight-Swift
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December 27, 2023 at 07:14AM
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Estes, FedEx Among Winning Bidders in Yellow Corp. Auction - CoStar Group
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