FW: Family behind Jack Cooper quietly acquires LTL carrier through separate entity
FREIGHTWAVES reports: Sakaem Logistics, an entity with ties to the same family that owns Teamsters-staffed car ...
JBHT: STATUS QUO GM: PARTNERSHIP UPDATEEXPD: NOT SO BULLISHEXPD: LEGAL RISK UPDATE WTC: LOOKING FOR DIRECTIONTSLA: SERIOUS STUFFF: STOP HEREDSV: BOUNCING BACK HD: NEW DELIVERY PARTNERSKNX: SOLID UPDATE PG: WORST CASE AVOIDEDKNX: KEEP ON TRUCKING GM: UPGRADE
JBHT: STATUS QUO GM: PARTNERSHIP UPDATEEXPD: NOT SO BULLISHEXPD: LEGAL RISK UPDATE WTC: LOOKING FOR DIRECTIONTSLA: SERIOUS STUFFF: STOP HEREDSV: BOUNCING BACK HD: NEW DELIVERY PARTNERSKNX: SOLID UPDATE PG: WORST CASE AVOIDEDKNX: KEEP ON TRUCKING GM: UPGRADE
FREIGHTWAVES reports:
A Delaware bankruptcy court ruled Monday to give Yellow Corp. more time to exclusively oversee its liquidation. A 90-day extension keeps other financial firms from putting forward competing plans for unwinding the estate. Counsel for Yellow argued that other interested parties may have sought an expedited disposal of its remaining assets, resulting in lower proceeds and severely diminishing the chances of any monetary recovery for equity holders.
Testimony from Matt Doheny, former Yellow chairman and the company’s current chief restructuring officer, said the group in place represents the best option for maximizing value on the remaining properties, rolling stock and other assets that are being sold.
The committee of unsecured creditors to the estate argued the liquidation has slowed significantly in recent months and that the cash burn from professional fees to attorneys and advisers has become detrimental to the remaining stakeholders, which includes pension funds. It asserted the process is “running the estates into the ground”…
The full post can be read here.
Comment on this article