Semi truck trailers are pictured at freight trucking company Yellow’s terminal near the Otay Mesa border crossing between the U.S. and Mexico in San Diego, California, U.S., August 7, 2023 after the company filed for bankruptcy protection.
REUTERS/Mike Blake/File Photo Acquire Licensing RightsNEW YORK, Aug 17 (Reuters) - Trucking firm Estes Express has submitted a $1.3 billion bid to acquire bankrupt Yellow Corp's shipment centers, attorneys said on Thursday at a U.S. bankruptcy court hearing.
Yellow's attorney Allyson Smith said the Estes proposal was received while Yellow was negotiating several offers for bankruptcy financing.
Apollo initially offered to fund Yellow's bankruptcy with a $142.5 million loan, but instead bowed out after Yellow received competing offers with lower fees and interest rates.
The union, which represents about 22,000 Yellow employees, said the Nashville, Tennessee-based company "mismanaged" its way to bankruptcy.
Persons:
Mike Blake, Allyson Smith, Estes, Smith, Craig Goldblatt, Yellow, Judge Goldblatt, Dietrich Knauth, Chris Reese, Cynthia Osterman, Alexia Garamfalvi, Jonathan Oatis
Organizations:
U.S, Trucking, Express, Citadel, MFN Partners, U.S . Treasury Department, Apollo Global Management, Apollo, International Brotherhood of Teamsters, Thomson
Locations:
Mexico, San Diego , California, U.S, Wilmington , Delaware, Nashville , Tennessee