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Bankrupt Yellow Corp. Generates $1.8B at Real Estate Auction

Yellow Corp. auctioned 130 shipping centers, raising the bankrupt company more than $1.8 billion in cash.

Posted December 12, 2023

Bankrupt trucking company Yellow Corp has sold most of its shipping centers and real estate through a court-approved auction that raised over $1.8 billion for its creditors.

The auction was approved by U.S. Bankruptcy Judge Craig Goldblatt in a court hearing in Wilmington, Delaware.

Yellow received approval from the U.S. Bankruptcy Court to auction off its properties and fleet in late October.

Yellow was able to auction off a total of 128 properties owned by the trucking firm and 2 leased properties for a total of $1,882,637,655. The largest buyer, trucking company XPO Inc., purchased 28 total assets including the 2 leased properties for a total of $870 million.

The court auction generated enough cash to pay off the Yellow’s $1.2 billion in pre-bankruptcy debt in addition to including $700 million owed on a U.S. Treasury Department COVID-19 pandemic relief loan approved by former President Donald Trump’s administration in 2020, Reuters reported.

Yellow filed for Chapter 11 bankruptcy protection in August.