{"id":198,"date":"2023-10-21T23:56:47","date_gmt":"2023-10-21T23:56:47","guid":{"rendered":"https:\/\/pakstne.com\/blog\/old-dominion-is-bidding-1-5-billion-on-the-yellow-stations\/"},"modified":"2023-12-24T18:30:11","modified_gmt":"2023-12-24T18:30:11","slug":"old-dominion-is-bidding-1-5-billion-on-the-yellow-stations","status":"publish","type":"post","link":"https:\/\/pakstne.com\/blog\/old-dominion-is-bidding-1-5-billion-on-the-yellow-stations\/","title":{"rendered":"Old Dominion is bidding $1.5 billion on the Yellow stations"},"content":{"rendered":"
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Old Dominion beats Estes’ offering of Yellow stations. (Photo: Jim Allen\/Free Waves)<\/figcaption><\/p>\n<\/figure>\n

Old Dominion Freight Line, which has less than a truckload, has entered into a $1.5 billion bid for Yellow Corp.’s terminals. The new show Bid price exceeds $1.3 billion<\/a> from LTL peer Estes Express Lines, which was revealed in Thursday’s status update.<\/p>\n

The 166-station portfolio offering is a stalking horse purchase agreement, in which the bidder sets a minimum value of the assets to be sold from the bankruptcy estate. The properties will still be subject to a marketing and sales process in which higher bids from third parties can be accepted.<\/p>\n

The terms provide for a maximum breakup fee of $26 million and up to $2 million in reimbursement of expenses. Old Dominion (NASDAQ: ODFL) requires a 5% deposit. The bid will remain valid for 180 days.<\/p>\n

Thursday’s court action also identified the bankruptcy financing lenders.<\/p>\n

Hedge funds Citadel and MFN Partners will provide $142.5 million in debtor-in-possession (DIP) financing, which will give the Yellow estate the funds to liquidate the assets. The transaction also includes an additional deferred drawing commitment from MFN of up to $70 million.<\/p>\n

MFN acquired 42.5% of the shares in Yellow prior to its offering close<\/a>.<\/p>\n

castle recently Buy a Yellow loan for a term<\/a> from Apollo Global Management (NYSE: APO) after submitting superior DIP financing offers following Yellow’s Aug. 7 filing for bankruptcy<\/a>. The Apollo DIP deal was said to be the only viable offer made to Yellow prior to the Chapter 11 petition.<\/p>\n

A representative from Old Dominion could not immediately be reached for comment.<\/p>\n

More Shipping Waves articles by Todd Maiden<\/a><\/em><\/p>\n

the post Old Dominion is bidding $1.5 billion on the Yellow stations<\/a> Debuted charging waves<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Old Dominion beats Estes’ offering of Yellow stations. 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