Yellow Corp.

Yellow’s Chapter 11 plan includes rights offering, REIT

A final Chapter 11 plan to liquidate Yellow’s remaining assets could include a reorganization wherein the defunct company’s major shareholders backstop a rights offering to stand up a subleasing or real estate investment trust to manage the remaining properties. The plan would include the payment of all allowed general unsecured claims, leaving the reorganized equity interests to shareholders, a Monday filing with a Delaware bankruptcy court showed.

However, that plan is contingent on Yellow (OTC...

https://www.freightwaves.com/news/yellows-chapter-11-plan-includes-rights-offering-reit

Court allows CBRE to sell Yellow’s remaining properties

A Delaware bankruptcy court ruled Friday that Yellow Corp. could retain real estate broker CBRE to sell its remaining terminals, which include 46 owned and 70 leased locations. Counsel for the debtors also said submission of a final Chapter 11 bankruptcy plan to the court will happen in the coming days, ahead of the expiration of the company’s exclusivity period.

According to Friday testimony, the CBRE request was unopposed by stakeholders to the estate, including the official committee of...

https://www.freightwaves.com/news/court-allows-cbre-to-sell-yellows-remaining-properties

Saia to reopen 6 former Yellow terminals in August

Less-than-truckload carrier Saia said Monday it will open six terminals in August, part of a broader plan to open 18 to 21 new facilities across the country this year. The Western portion of its expansion includes an entrance into Wyoming as well as new facilities in Montana and South Dakota.

Saia (NASDAQ: SAIA) opened a new terminal in Cheyenne, Wyoming, on Monday and plans to add sites in Casper, Wyoming, and Billings, Montana, on Aug. 19. Two additions in South Dakota (Rapid City and...

https://www.freightwaves.com/news/saia-to-reopen-6-former-yellow-terminals-in-august

Yellow’s unsecured creditors frustrated as professional fees mount

Creditors to bankrupt Yellow Corp.’s estate said its advisers are “no closer to a chapter 11 plan” than they were two months ago when a Delaware bankruptcy court extended them another 90 days to plot a course to best liquidate the remaining assets. The official committee of unsecured creditors to the estate asserts that “these cases continue to languish in chapter 11” while professional fees mount.

A Thursday filing with the court said the debtors’ advisers have asked for an interim allowance of...

https://www.freightwaves.com/news/yellows-unsecured-creditors-frustrated-as-professional-fees-mount

House committee still seeking answers on pension bailout overpayments

Republican members of a House committee are still seeking answers over the mismanagement of bailout money distributed to failing pension plans.

A Wednesday letter penned by Reps. Virginia Foxx, R-N.C., and Bob Good, R-Va., called on Attorney General Merrick Garland to provide all communications surrounding the Department of Justice’s investigation into more than 60 multiemployer pension plans that were alleged to erroneously include dead plan participants on their special financial assistance...

https://www.freightwaves.com/news/house-committee-still-seeking-answers-on-pension-bailout-overpayments

Delaware judge to determine fate of pensions’ $7B in claims against Yellow

A bankruptcy judge will soon decide the outcome of more than $7 billion in liability claims from multiemployer pension plans (MEPPs) against bankrupt Yellow Corp. Discrepancies around the interpretation of Congress’ directives and intentions in a 2021 pension fund bailout package were at the center of a Tuesday hearing in a Delaware courtroom.

Counsel for the MEPPs that Yellow (OTC: YELLQ) once contributed to argued that the plans aren’t required to include special financial assistance received...

https://www.freightwaves.com/news/delaware-judge-to-determine-fate-of-pensions-7b-in-claims-against-yellow

Saia opens 2 new terminals, eyes 18 to 21 sites in ’24

Less-than-truckload carrier Saia has announced the opening of two new service centers. The company said the additions are part of a plan to add 18 to 21 terminals this year. Saia previously expected to add just 16 locations in 2024.

Located in Stockton, California, and Davenport, Iowa, the new facilities are part of a strategic initiative “to enhance service capabilities and support our expanding customer base,” a Monday news release said.

The company unveiled a $1 billion capital expenditures...

https://www.freightwaves.com/news/saia-opens-2-new-terminals-eyes-18-to-21-sites-in-24

Forward Air adds second former Yellow executive to financial team

Forward Air announced Wednesday that it has added another former Yellow Corp. employee to its financial leadership team. It also said that recently named interim Chief Financial Officer Jamie Pierson will continue in that role on a permanent basis.

James Faught has joined the Greeneville, Tennessee-based less-than-truckload provider effective Wednesday as chief accounting officer. Faught reunites with Pierson, who joined Forward (NASDAQ: FWRD) in May.

Pierson twice served as Yellow’s (OTC: YELLQ)...

https://www.freightwaves.com/news/forward-air-adds-second-former-yellow-executive-to-financial-team

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