Purchase agreements totaling $66.5 million for four of bankrupt Yellow Corp’s. less-than-truckload terminals were entered with a federal bankruptcy court in Delaware on Tuesday.
Warren, Michigan-based Central Transport is buying one owned and two leased terminals from Yellow for $54.5 million. The owned location is a 198-door terminal on 51.6 acres in Memphis, Tennessee. The leased locations are both in California – a 165-door site in Fontana and an 87-door location in Gardena.
Central Transport’s real estate affiliate, Crown Enterprises, has acquired 11 properties for $92.7 million from Yellow since it declared bankruptcy in August 2023.
Wilmington, Ohio-based R+L Carriers is buying one of Yellow’s owned terminals in Jackson, Mississippi, for $12 million through its real estate affiliate, Ramar Land Corp. The 117-door facility sits on 31.6 acres.
Last month, court filings showed R+L was acquiring a 304-door terminal from Yellow in Maybrook, New York, for $50 million. R+L has entered agreements with Yellow to purchase 13 of Yellow’s terminals for $282.5 million since the auction process began at the end of 2023.
Yellow’s handlers have sold nearly 200 of the company’s terminals for more than $2.2 billion. The proceeds are being used to pay claims from pension funds, employees and other creditors, which total billions of dollars. The largest pool of claims stems from Yellow’s early withdrawal from pension plans it contributed to.
Yellow still has roughly 100 terminals left to sell. The sale process calls for all bids to be entered by Friday with Feb. 10-12 as the auction period if needed.
More FreightWaves articles by Todd Maiden:
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