Yellow Corp. is planning to offload its ownership of three terminals, including one in Ontario, for a total price of $16 million.
Yellow Corp's Ontario Terminal Sold for $15.6 Million
A significant sale has been agreed upon for one of Yellow Corp's terminals. The 42-door terminal located in Ontario, Canada, has been sold to a local concrete supplier for $15.6 million. This sale is part of a larger agreement to sell three terminals, valued at approximately $16 million, subject to federal bankruptcy court approval in Delaware.
The other two terminals included in this sale are a 14-door location in Jacksonville, North Carolina, and an 8-door terminal in Quebec. The buyer for these two terminals has yet to be disclosed.
The sale of the Ontario terminal marks the latest in a series of sales by Yellow Corp's estate, which has sold approximately 215 terminals to date, generating nearly $2.4 billion. The proceeds from these sales will be used to settle claims against the estate, including employee claims for paid time off (PTO), sick leave, and amounts sought under the Worker Adjustment and Retraining Notification Act.
As of June, the estate reportedly held $608 million in cash, according to the monthly operating report. Since Yellow Corp's bankruptcy filing in August 2023, the estate has paid out $220 million in professional fees and expenses.
The sale of the 42-door terminal in Ontario was not part of the previously mentioned $15.6 million sale agreement. The values of the 14-door location in Jacksonville, North Carolina, and the 8-door terminal in Quebec were not disclosed in the article.
The estate's ongoing liquidation efforts are reflected in requests pending in bankruptcy court for approval of other terminal sales valued at several million dollars. However, the specific sale tied to the $15.6 million Ontario terminal is the largest single transaction among these recent deals.
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The significant sale of Yellow Corp's Ontario terminal is part of a broader business strategy, involving the sale of multiple terminals to generate funds for settling employee claims. Despite the sale of three terminals, the identities of the buyers for the 14-door terminal in Jacksonville, North Carolina, and the 8-door terminal in Quebec remain undisclosed in finance circles.
