Yellow’s 325-door California terminal fetches $55M

The landlord is listed arsenic NATMI LPF Bloomington L.P. The radical called connected the tribunal successful September to compel Yellow to supply capable security astatine the Bloomington installation arsenic good arsenic different terminals it was leasing to the carrier.

A Monday proceeding successful the Delaware tribunal revealed Yellow had $550 cardinal successful cash, a much than $200 cardinal summation from what was listed connected its latest monthly operating study for January. Those funds volition beryllium distributed to the company’s remaining creditors, who see erstwhile employees owed paid clip disconnected and commissions.

The database of creditors besides includes pension funds, which accidental the institution owes billions for Yellow’s abrupt withdrawal from the plans erstwhile it closed successful 2023. The claims are inactive being litigated, with payout amounts apt being reduced to a fraction of the archetypal claims.

Before the recoveries are distributed, however, Yellow and its creditors request to hold connected a last Chapter 11 plan. The Monday proceeding was expected to beryllium a confirmation of the last statement but turned into a presumption league arsenic counsel for Yellow said the existent mentation lacked the votes needed to proceed.

A radical of unsecured creditors said it plans to record a competing bankruptcy program with the tribunal by the extremity of this week.

Yellow’s property has received much than $2.3 cardinal from spot disposals and millions much from the merchantability of equipment. The proceeds were utilized to repay each secured debt. There are inactive astir 80 terminals near to liquidate.

Remaining creditors with unimpaired claims await outgo portion unsecured creditors hold to spot what they volition receive.

More FreightWaves articles by Todd Maiden:

• Roadrunner adds caller lanes to long-haul network

• Yellow creditors’ conflict implicit $550M-plus carcass heats up

• February freight trends mixed, outlook ‘fraught with uncertainty’

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