DOVER, Del. — Old Dominion Freight Line Inc. has topped an offer by Estes Express to purchase Yellow’s terminals out of bankruptcy.
According to papers filed in a Delaware bankruptcy court on Friday, Aug. 18, Old Dominion has bid $1.5 billion.
On Aug. 17, Estes Express filed paperwork to offer $1.3 billion for the terminals. That bid, known as a “stalking horse,” doesn’t allow anyone to bid lower than $1.3 billion but doesn’t prevent higher bids.
The winning bidder will own more than 270 terminals.
Yellow, which has 180 days to entertain higher bids for its real estate assets, also plans to sell its tractors and trailers.
Yellow filed for Chapter 11 bankruptcy protection in Delaware and shut down operations in early August after financial woes and a lack of cash.
None of the companies have offered comment on the pending deals.
Linda Garner-Bunch has been with The Trucker since 2020, picking up the reins as managing editor in 2022. Linda has nearly 40 years of experience in the publishing industry, covering topics from the trucking and automotive industry to employment, real estate, home decor, crafts, cooking, weddings, high school sports — you name it, she’s written about it. She is also an experienced photographer, designer and copy editor who has a heartfelt love for the trucking industry, from the driver’s seat to the C-suite.
