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Yellow Corp’s recent bankruptcy court-supervised auction has culminated in the sale of its terminals for a staggering $1.88 billion. This significant event witnessed the acquisition of 130 properties, both owned and leased, by major players in the transportation sector including XPO, Estes Express Lines, Saia, and Knight-Swift Transportation Holdings. The auction marked a pivotal moment in the industry, reshaping asset ownership among leading companies.
The proceeds from this auction are set to address the debts of the now-defunct Yellow Corp. With the company’s employees laid off and its assets liquidated, the funds will primarily be used to repay creditors, including the federal government, which provided a $700 million COVID-19 relief loan.
This auction, held in Wilmington, Delaware, is more than just a sale of assets; it reflects the shifting dynamics in the trucking industry. The dispersal of Yellow Corp’s terminals and the pending auction of its trucks and trailers are reshaping the logistical landscape, potentially impacting freight routes, employment, and industry competition.
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