Court approves Yellow Corp. terminal sales totaling $10M

A federal bankruptcy court in Delaware has approved purchased agreements for six of defunct Yellow Corp.’s terminals, totaling $10.2 million.

Previous court filings asked for the court’s approval on the sale of four locations, including an 18-door terminal in Montgomery, Alabama for $375,000. That purchase agreement listed less-than-truckload carrier ArcBest (NASDAQ: ARCB) as the buyer. Buyers of the other three locations appeared to be real estate investors.

A Friday approval order from the court referenced two other locations owned by Yellow – a 56-door service center near Scranton, Pennsylvania ($3.5 million), and a 40-door terminal in Birch Run, Michigan ($683,100). Property investors were again listed as the buyers.

A September filing showed the estate had just 11 owned terminals left to sell. Yellow operated over 325 terminals before it closed in July 2023.

The court is scheduled to hold a hearing on Wednesday to contemplate confirmation of a final distribution plan for the estate. If approved, roughly $600 million to $700 million in remaining proceeds from liquidated assets will be distributed to creditors. The proposed plan also calls for the reimbursement of employee PTO claims.

The estate has sold nearly $2.4 billion in real estate since the liquidation began. It has also terminated leases on other properties.

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