Executives, attorneys, creditors, and many others invested in the wind-down of Yellow Corp. will gather Sept. 15 for a key hearing in U.S. Bankruptcy Court in Delaware that should answer several questions about how the shuttered carrier’s case and auctions of substantial assets will proceed in the coming weeks.
The hearing could add clarity to some important questions in Yellow’s filing and perhaps reveal bidders who haven’t yet gone public with their interest in what remains of the almost 100-year-old company.
Here’s the latest on the Chapter 11 case for what was, until last month, the No. 6 carrier on the 2023 for-hire FleetOwner 500:
- The Sept. 15 hearing is slated to cover a lot of ground. Among the most important items before Judge Craig T. Goldblatt is final approval of the $142 million in debtor-in-possession (DIP) financing Yellow has secured from hedge funds Citadel and MFN Partners (the latter being Yellow’s largest shareholder, having amassed a 42% stake this summer) as well as the procedures that will govern the auction of the defunct company’s assets planned for next month.
- Also on the provisional agenda is finalization of a motion, preliminarily approved by Goldblatt on Sept. 8, to make about