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 in publishing for more than 30 years. You name it, Linda has written about it. She has served as an editor for a group of national do-it-yourself publications and has coordinated the real estate section of Arkansas’ only statewide newspaper, in addition to working on a variety of niche publications ranging from bridal magazines to high-school sports previews and everything in between. She is also an experienced photographer and copy editor who enjoys telling the stories of the “Knights of the Highway,” as she calls our nation’s truck drivers.
