ALLIANCE, Ohio — A U.S. bankruptcy court has approved Nation’s Capital (NCI) and Ritchie Bros. Auctioneers to handle the sale of Yellow Corporation’s assets.
According to a news release, “the companies will utilize the expansive footprint of both Ritchie Bros. and IAA (Insurance Auto Auctions) facilities, to manage the relocation, transportation, refurbishment, inventory, storage and sale of the rolling stock assets, including approximately 60,000 units of trucks, trailers and miscellaneous LTL (less-than-load) support equipment located across the United States and Canada at over 300 terminal locations.”
NCI and Ritchie Bros. will implement a multi-faceted sales strategy, including private treaty and strategic bulk sales, as well as live and fully digital formats, to maximize the value of the trucks and trailers throughout 2024.
“We are honored to provide Yellow Corporation a comprehensive solution to maximize the value of its rolling stock assets,” said Jim Burke, executive vice president at NCI. “The historic size and complexity of this transaction required a highly coordinated effort between the teams at NCI, Ritchie Bros. and the company. Together with Ritchie Bros., we are prepared to lead one of the largest disposition events in our industry.”
For nearly 100 years, Yellow Corporation was one of the largest logistics and LTL networks in North America with local, regional, national and international capabilities.
“We are excited to offer the market this extensive fleet of trucks, trailers and support equipment from what was one of North America’s largest carriers,” said Zac Dalton, Executive Vice President, NCI. “Our experience and proven track record with large fleet sales in the transportation space was key in winning the trust of this customer.”
Meanwhile, auto transport giant Jack Cooper is mounting an effort to bring Yellow Corp back to life, according to a Reuters report, which cites “multiple sources familiar with the discussions.”
If the deal works out, some 30,000 union jobs would be saved.
Yellow filed for bankruptcy protection in August after several weeks of heated negotiations with the Teamsters Union.
The company announced it was shutting down on July 30.
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