hit counter html code

Old Dominion is bidding $1.5 billion on the Yellow stations

Old Dominion beats Estes' offering of Yellow stations.  (Photo: Jim Allen/Free Waves)

Old Dominion beats Estes’ offering of Yellow stations. (Photo: Jim Allen/Free Waves)

Old Dominion Freight Line, which has less than a truckload, has entered into a $1.5 billion bid for Yellow Corp.’s terminals. The new show Bid price exceeds $1.3 billion from LTL peer Estes Express Lines, which was revealed in Thursday’s status update.

The 166-station portfolio offering is a stalking horse purchase agreement, in which the bidder sets a minimum value of the assets to be sold from the bankruptcy estate. The properties will still be subject to a marketing and sales process in which higher bids from third parties can be accepted.

The terms provide for a maximum breakup fee of $26 million and up to $2 million in reimbursement of expenses. Old Dominion (NASDAQ: ODFL) requires a 5% deposit. The bid will remain valid for 180 days.

Thursday’s court action also identified the bankruptcy financing lenders.

Hedge funds Citadel and MFN Partners will provide $142.5 million in debtor-in-possession (DIP) financing, which will give the Yellow estate the funds to liquidate the assets. The transaction also includes an additional deferred drawing commitment from MFN of up to $70 million.

MFN acquired 42.5% of the shares in Yellow prior to its offering close.

castle recently Buy a Yellow loan for a term from Apollo Global Management (NYSE: APO) after submitting superior DIP financing offers following Yellow’s Aug. 7 filing for bankruptcy. The Apollo DIP deal was said to be the only viable offer made to Yellow prior to the Chapter 11 petition.

A representative from Old Dominion could not immediately be reached for comment.

More Shipping Waves articles by Todd Maiden

the post Old Dominion is bidding $1.5 billion on the Yellow stations Debuted charging waves.

Related Posts

Casino-Seite Mobil: Der Ultimative Überblick zum Spielen auf Ihrem Handy

Die Verlockung beginnt unschuldig. Ein Klick in der Mittagspause, ein Dreh beim Warten auf die Bahn, ein Bonus, der „nur heute“ gilt. Mobile Online-Casinos versprechen Freiheit, Spaß,…

Free Blackjack Gamings: The Ultimate Overview

The trap is set the moment you click “Play for Free.” No chips. No cash. No risk… or so it seems. Yet every hand pulls you deeper…

ТОР МАРКЕТ ДАРКНЕТ КРАКЕН ЗЕРКАЛО

👉 Рабочее зеркало Kraken Darknet: http://kraken2tr7eohw6acwwp2apxtgqtoy67gzggozvuzmglc7yq35ysboad.onion/ (заходить через Tor Browser) Заголовок: Как работает зеркало даркнет сайта Кракен Введение Зеркало даркнет сайта Кракен – это один из многих…

Discover the World of Real Cash Gambling Establishment Bonuses

The promise feels irresistible. Free spins. Matched cash. “Risk‑free” play. But behind every glittering online casino bonus sits a rulebook designed to keep the house in control….

Objevte Dobrodružství z Online Kasino Online Zdarma

Hned první klik může změnit víc, než čekáte. Slovo „zdarma“ zní nevinně, skoro lákavě. Jen pár her, jen pro zábavu, jen na zkoušku. Ale právě tady začíná…

Topowe Zakłady hazardowe zatwierdzające Neteller: Kompletna przewodnik

Neteller kusi szybkością. Obiecuje natychmiastowe wpłaty, błyskawiczne wypłaty i pełną kontrolę nad pieniędzmi w kasynach online. Brzmi idealnie – zwłaszcza dla graczy, którzy chcą grać dużo i…

Leave a Reply

Your email address will not be published. Required fields are marked *