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

A WOMAN ON THE PLANE PROPPED HER FEET ON MY HUSBAND’S SEAT – I REACHED MY BREAKING POINT

A Subtle Plan Takes Shape I decided to handle the situation quietly but firmly. I needed to avoid a scene while still making my point. So, I…

Odd sounds coming from our bedroom wall led my husband to tear it down — and he found something terrifying

Strange Noises Shake the House Lately, unusual events had been happening in our home. It started with faint sounds — rustling and scratching from inside the walls….

Don’t Overlook This! What’s Really Causing That Weird Stuff in Your Drinking Water!

The Mystery of White Fibers in Hot Water One morning, I turned on my hot water—and out came stringy white stuff mixed with rusty flecks. Not exactly…

Student who tore out own eyeballs while high is fired from her job

A student who went viral after tearing out her own eyeballs while high on crystal meth has revealed she has “no regrets” after recently being fired from…

My glass stove top appears dirty and maybe even harmed — how should I handle this?

The Kitchen’s Heartbeat For most families, the kitchen is the center of daily life. It’s where coffee brews at dawn, Sunday dinners simmer, and conversations unfold. For…

They Ridiculed My Wife — I Reacted Automatically, Thanks to My Marine Training

A Night Meant for Peace Sarah and I celebrated our 25th anniversary with a quiet dinner. The steak was tender, the wine warm, and her black dress…

Leave a Reply

Your email address will not be published.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