Bankrupt trucking co. Yellow approved for $1.88 bln real estate sale (updated)

Yellow

12/12/2023 16:00

(Adds context about interested bidder in first paragraph, adds
detail on sale in paragraphs 3 and 4)
    By Dietrich Knauth
       NEW YORK, Dec 12 (Reuters) - Bankrupt trucking company
Yellow Corp received court approval  on Tuesday to sell most of
its shipping centers and owned real estate to multiple buyers
for $1.88 billion, ending a potential bidder's long-shot effort
to keep the company intact. 
    U.S. Bankruptcy Judge Craig Goldblatt approved the sale at a
court hearing in Wilmington, Delaware, saying that the purchase
price was a "tremendous outcome" for the trucking company and
its creditors. 
    The sale, which will parcel out 130 of the company's
shipping centers to multiple buyers, generated enough cash to  
pay off the company's $1.2 billion in pre-bankruptcy debt,
including $700 million owed on a U.S. Treasury Department
bailout loan approved by former President Donald Trump's
administration in 2020. 
    Yellow is still seeking buyers for its remaining owned and
leased real estate, as well as its fleet of trucks. 

 (Reporting by Dietrich Knauth. Editing by Jane Merriman)
 ((Dietrich.Knauth@thomsonreuters.com;))