Trucking firm Yellow extends bankruptcy loan negotiations until next week (updated)

Yellow

11/08/2023 15:36

(Adds background in second paragraph, comments from attorney in
third paragraph)
       NEW YORK, Aug 11 (Reuters) - 
    Trucking firm Yellow Corp  YELL.O  will extend negotiations
on a bankruptcy loan until next week, seeking to explore at
least two alternative loan proposals that would provide the
company with $142.5 million in new cash, the company's attorney
said in court on Friday.
    Yellow filed for bankruptcy on Sunday with a loan offer for
that amount from private equity firm Apollo, which was a senior
lender to the company before its bankruptcy. The trucking
company said earlier this week that it was seeking alternative
financing from MFN Partners, an investment firm that owns 41% of
Yellow's stock, and Estes Express Lines, a rival in freight
trucking.
         Yellow is continuing to negotiate those offers, and it
has received other loan offers in the past few days, Yellow's
attorney Pat Nash told U.S. Bankruptcy Judge Craig Goldblatt at
a Friday court hearing in Wilmington, Delaware. Yellow will
likely choose one of the loans, which are "much more favorable"
than Apollo's initial proposal, by early next week, Nash said.
  

 (Reporting by Dietrich Knauth; Editing by Mark Porter and
Andrea Ricci)
 ((Dietrich.Knauth@thomsonreuters.com;))