Apollo Global pulls out of Yellow's bankruptcy financing plan

Yellow

15/08/2023 21:22

Aug 15 (Reuters) - Apollo Global Management  APO.N  is
selling off a $500 million term loan given to Yellow Corp
 YELL.O  and dropping plans to extend financing to fund the
freight group's bankruptcy, the Financial Times reported on
Tuesday. 
    The term loan was sold to a fund owned by Citadel, the FT
reported. 
    Yellow shares closed down 31% following the FT report. 
    Yellow, Apollo and Citadel did not immediately respond to
Reuters' requests for comment.
    An attorney for Yellow said last Wednesday that the company
would not seek court approval to borrow $142.5 million from
Apollo as planned and was instead seeking time to explore
alternate loan offers. 
    Yellow has $1.3 billion in debt payments due in 2024,
including a $567.4 million term loan due in June and a $729.4
million U.S. Treasury loan due in September.  urn:newsml:reuters.com:*:nL4N39I4D3

 (Reporting by Ananta Agarwal in Bengaluru; Editing by Anil
D'Silva)
 ((Ananta.agarwal@thomsonreuters.com;))