Old Dominion Tops Estes’ Bid for Yellow Terminals
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The offer, disclosed in papers filed Aug. 18 in Delaware bankruptcy court, exceeds the $1.3 billion proposed stalking horse bid Estes announced Aug. 17. Old Dominion’s offer is also a stalking horse bid, which would set the floor price for Yellow’s terminals at a future Chapter 11 auction.
Lawyers for Yellow and Estes Express Lines didn’t immediately return messages seeking comment. Petition, a publication covering corporate distress and bankruptcy, reported the Old Dominion bid earlier.
The competing offers for Yellow’s terminals comes after the company secured a new, less expensive bankruptcy loan to fund its liquidation. Citadel Credit Master Fund and hedge fund MFN Partners LP, Yellow’s largest shareholder, offered to provide $142.5 million to fund Yellow’s liquidation.
Old Dominion Freight Line ranks No. 10 on the Transport Topics Top 100 list of the largest for-hire carriers in North America. Yellow is No. 13 and Estes No. 14. Among less-than-truckload carriers, Old Dominion, Yellow and Estes rank 2-3-5.
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