FW: Estes’ $1.525B stalking horse bid for Yellow’s terminals wins out

FREIGHTWAVES reports:

An order was entered in a Delaware bankruptcy court Thursday naming less-than-truckload carrier Estes Express Lines’ $1.525 billion stalking horse bid as the winning offer of Yellow Corp.’s portfolio of owned terminals.

Bid protections for Estes were also approved, including a $7.5 million breakup fee and expense reimbursement up to $1.6 million.

Yellow filed for bankruptcy on Aug. 6 after failing to reach terms with its union workers on a proposed change of operations it said was vital to its survival…

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