Saia has obtained court approval to acquire three terminals being sold out of the bankruptcy of Yellow Corp.
In a court filing with the Delaware Bankruptcy Court last week, the court approved the sale to Saia (NASDAQ: SAIA) of former Yellow terminals in Deer Park, New York, on Long Island; Calexico, California, which sits on the Mexican border in southern California; and Orlando.
The price paid for the three assets is $8.5 million. The deal has not closed, with the actual closing still dependent on various requirements being met.
On Saia’s most recent earnings call with analysts, held April 25, Saia CFO Matthew Bateh said in the prior 12 months the company had opened 21 terminals.
The final sales price is higher than the $6.5 million originally agreed to in early May. As reported, when the trio of terminals is in the Saia fold, the LTL carrier will have acquired 31 facilities out of the Yellow bankruptcy.
The Orlando terminal has 72 doors. In Deer Park, there are 54 doors, and the Calexico facility has 21 doors.
Yellow’s court approval to sell the three sites to Saia came just a few days after the court also agreed to a separate sale of assets from the LTL carrier’s bankruptcy that were first filed earlier this month. The final sales price for the terminals was $6,845,000.
None of the buyers were transportation companies. The assets consisted of facilities in Knoxville, Tennessee; Southington, Connecticut; a facility near Baton Rouge; and a smaller facility in Tupelo, Mississippi.
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