Yellow bankruptcy

Saia, others buying 10 Yellow Corp. terminals

Another block of defunct less-than-truckload carrier Yellow Corp.’s terminals are set to be sold, according to a filing with a federal bankruptcy court in Delaware. A Monday motion to the court asked for approval to sell 10 locations valued at $20.7 million.

Saia (NASDAQ: SAIA) is acquiring three leased properties for $6.5 million. The locations include a 72-door terminal in Orlando, Florida, a 54-door terminal in Deer Park, New York, and 21 doors in Calexico, California. Once the deal closes,...

https://www.freightwaves.com/news/saia-others-buying-10-yellow-corp-terminals

ArcBest says LTL pricing not under attack

Less-than-truckload transportation provider ArcBest pushed back on concerns that an extended industrial downturn and the redeployment of bankrupt Yellow Corp.’s terminals has created too much capacity, which is pressuring yields.

Management from the company described the market as “very rational” on a Tuesday call with equity analysts.

“When we look at the opportunities that we have, nothing has changed,” said ArcBest Chairman and CEO Judy McReynolds on the call. She said the company is still...

https://www.freightwaves.com/news/arcbest-says-ltl-pricing-not-under-attack

Yellow’s new bankruptcy plan revealed, next steps still uncertain

An amended Chapter 11 bankruptcy plan outlining final distributions to Yellow Corp.’s creditors was submitted to a U.S. bankruptcy court in Delaware on Friday. As with the prior plan, the latest iteration would make former employees whole for their priority claims of unpaid time off and commissions due. The current version is backed by Yellow and the defunct estate’s committee of unsecured creditors but may not have the support of a key party in interest.

Classes for secured, priority, employee...

https://www.freightwaves.com/news/yellows-new-bankruptcy-plan-revealed-next-steps-still-uncertain

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

In dribs and drabs, bankrupt Yellow Corp.’s handlers continue to liquidate assets. A Tuesday filing with the U.S. Bankruptcy Court in Delaware showed the estate will fetch $55 million for terminating a lease on a 325-door property in Bloomington, California.

The filing said the offer represents the “highest or otherwise best value for the Lease” after Yellow (OTC: YELLQ) marketed the property for 20 months through its broker CBRE and its bankruptcy adviser Ducera.

The landlord is listed as NATMI...

https://www.freightwaves.com/news/yellows-325-door-california-terminal-fetches-55m

Yellow creditors’ battle over $550M-plus carcass heats up

Yellow Corp. and some of its creditors remain at odds over a final bankruptcy plan for the liquidation and distribution of the estate’s remaining assets, which now include $550 million in cash. The bankrupt less-than-truckload carrier’s unsecured creditors told a federal bankruptcy court in Delaware on Monday that it would submit its own plan in the coming days.

Counsel for Yellow (OTC: YELLQ) said it didn’t have the votes to proceed on its previously proposed plan but that it was still hopeful...

https://www.freightwaves.com/news/yellow-creditors-battle-over-550m-plus-carcass-heats-up

Teamsters to appeal decision freeing Yellow from WARN liability

The Teamsters union told former Yellow Corp. union employees that it will file an appeal on their behalf after a federal bankruptcy court in Delaware last week denied their claims that the company had failed to provide adequate notice ahead of layoffs.

Worker Adjustment and Retraining Notification Act claims from approximately 22,000 members accused the company of failing to provide 60 days’ notice prior to mass layoffs in 2023. In its Feb. 26 ruling, the court decided that Yellow (OTC: YELLQ)...

https://www.freightwaves.com/news/teamsters-to-appeal-decision-freeing-yellow-from-warn-liability

XPO sees improvement in February, tonnage still down y/y

At first blush, XPO’s February update showed volumes fell at the same pace as they did in January. However, the carrier was facing a more formidable comp in the recent month, suggesting the falloff was less severe.

The Greenwich, Connecticut-based LTL carrier announced Tuesday after the market closed that tonnage was down 8.1% year over year in February following an 8.5% decline in January. The February result was the combination of a 6.2% decline in shipments and a 2% decline in weight per...

https://www.freightwaves.com/news/xpo-sees-improvement-in-february-tonnage-still-down-y-y

Old Dominion, Saia stay on different paths to overcome same challenge in Q1

A pair of less-than-truckload carriers on somewhat divergent paths provided first-quarter updates on Tuesday that displayed no material change of course. Old Dominion Freight Line saw volumes sag again in February as it plays the long game at the bottom of the cycle, while competitor Saia reported another large tonnage increase as it fills its recently expanded network through the downturn.

Source: Company reports
Old Dominion’s volumes sag as it awaits more opportune entry point

Thomasville,...

https://www.freightwaves.com/news/old-dominion-saia-stay-on-different-paths-to-overcome-same-challenge-in-q1

Amarillo Settles advierte reclamos de empleados de no unión por $ 12.3 millones

Yellow Corp. reveló en una audiencia de enero que tenía llegar a un acuerdo con los empleados de no unión En cuanto a la falta de notificación de 60 días antes de los despidos masivos en 2023. Las presentaciones del viernes en un tribunal de bancarrota federal en Delaware mostraron los montos de la...

https://fullavantenews.com/amarillo-settles-advierte-reclamos-de-empleados-de-no-union-por-12-3-millones/?lang=es

+ More