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.
Born in Pine Bluff, Arkansas, and raised in East Texas, John Worthen returned to his home state to attend college in 1998 and decided to make his life in The Natural State. Worthen is a 20-year veteran of the journalism industry and has covered just about every topic there is. He has a passion for writing and telling stories. He has worked as a beat reporter and bureau chief for a statewide newspaper and as managing editor of a regional newspaper in Arkansas. Additionally, Worthen has been a prolific freelance journalist for two decades, and has been published in several travel magazines and on travel websites.
