Una presentación del martes ante un tribunal de bancarrota federal en Delaware mostró el transporte de Knight-Swift, A. Duie Pyle y Tforce Properties han celebrado acuerdos de compra por un total de $ 15.1 millones para adquirir siete de las terminales difuntas de Yellow Corp. Swift con sede en...
Yellow Corp.
Knight-Swift headlines buyers in latest Yellow terminal sale
A Tuesday filing with a federal bankruptcy court in Delaware showed Knight-Swift Transportation, A. Duie Pyle and TForce Properties have entered purchase agreements totaling $15.1 million to acquire seven of defunct Yellow Corp.’s terminals.
Phoenix-based Knight-Swift (NYSE: KNX) is acquiring three terminals in Southern California – Downey (71 doors), San Diego (49 doors) and Santa Maria (16 doors) – and one property in Roanoke, Virginia, (34 doors) for $9.9 million.
The four properties are...
https://www.freightwaves.com/news/knight-swift-headlines-buyers-in-latest-yellow-terminal-sale
Yellow settles 2 classes of WARN claims
Two separate plaintiff classes with claims alleging that defunct Yellow Corp. failed to provide proper notification ahead of mass layoffs have been settled, a Tuesday hearing in a Delaware federal bankruptcy court revealed.
Counsel for Yellow said tentative agreements with the Moore class, approximately 3,200 nonunion employees, and Coughlen claimants, a group of 482 mostly union employees, were settled for undisclosed amounts.
Roughly 2,700 of the former employees in the Moore class had already...
https://www.freightwaves.com/news/yellow-settles-2-classes-of-warn-claims
WARN Act claims against Yellow likely to be reduced
There are still questions surrounding claims from Yellow Corp.’s former employees who say they weren’t properly notified ahead of mass layoffs in July 2023. A Thursday opinion from a judge in a federal bankruptcy court in Delaware provided some guidance, however, several open arguments will have to be settled at a Jan. 21 hearing.
A memorandum opinion issued by Judge Craig Goldblatt noted Yellow was correct in the application of certain defenses afforded to it under the Worker Adjustment and...
https://www.freightwaves.com/news/warn-act-claims-against-yellow-likely-to-be-reduced
Latest Yellow terminal sales to fetch $192.5M
Offers for $192.5 million of Yellow Corp.’s real estate are before a federal bankruptcy court, according to a Tuesday filing. Privately held less-than-truckload carriers Estes and R+L Carriers are the named suitors.
The motion shows a $142.5 million purchase agreement from Estes for seven owned and four leased terminals. The larger owned properties to be acquired include a 216-door terminal in Cincinnati, a 198-door site near Chattanooga, Tennessee, 167 doors in Tracy, California and 136 doors...
https://www.freightwaves.com/news/latest-yellow-terminal-sales-to-fetch-192-5m
LTL general rate increases buck pricing concerns for industry
Less-than-truckload carrier Old Dominion Freight Line announced Monday a 4.9% general rate increase across multiple tariff codes effective Dec. 2. The GRI announcement follows similar price actions from other carriers in recent weeks, tamping down concerns that the industry is losing its ability to pass through rate increases two years into an industrial recession.
Carriers typically implement GRIs to general tariff codes annually. The stated percentage increase is an expected average of changes...
https://www.freightwaves.com/news/ltl-general-rate-increases-buck-pricing-concerns-for-industry
Yellow shareholder loses bid to quash pension claims
A federal bankruptcy court in Delaware denied a motion from Yellow Corp.’s largest shareholder, MFN Partners, to reconsider its ruling that the defunct less-than-truckload carrier is on the hook for claims from pension funds potentially totaling billions of dollars. The claims stem from Yellow’s abrupt withdrawal from the multiemployer plans covering its former employees.
Judge Craig Goldblatt’s Tuesday opinion echoed the court’s Sept. 13 ruling, which said pension insurer Pension Benefit...
https://www.freightwaves.com/news/yellow-shareholder-loses-bid-to-quash-pension-claims
Yellow’s shareholders get second crack at trimming withdrawal liabilities
A federal bankruptcy judge in Delaware admitted Monday to making a mistake in a September opinion regarding the treatment of roughly $6.5 billion in withdrawal liability claims against Yellow Corp. The prior ruling sent the defunct less-than-truckload carrier’s stock spiraling last month as shareholders came to grips with the notion that pension claims would likely see more than just the fractional recovery once thought.
Judge Craig Goldblatt’s initial opinion incorrectly asserted Yellow was in...
Saia comfortable with near-term noise amid terminal expansion
Less-than-truckload carrier Saia said it’s not too concerned with lumpy financial performances from quarter to quarter as it builds out a national network through terminal acquisitions. It’s more focused on the long-term capabilities of the business and the returns that can be generated now that it services all 48 contiguous states.
Saia (NASDAQ: SAIA) missed third-quarter expectations Friday, reporting earnings per share of $3.46. The result was 7 cents below the consensus estimate and 21 cents...
https://www.freightwaves.com/news/saia-comfortable-with-near-term-noise-amid-terminal-expansion
Saia to open 3 terminals in October, pushing 2024’s count to more than 20
Less-than-truckload carrier Saia announced Monday the opening of three terminals in Kentucky and Ohio. The additions are part of a $1 billion capital expenditures plan that has added more than 20 new facilities to its network this year.
The Johns Creek, Georgia-based carrier said a facility in Akron, Ohio, opened Monday and that two service centers in Bowling Green and Paducah, Kentucky, will open on Oct. 28. The three locations appear to be part of the $236 million, 17-terminal portfolio Saia...