Trucking company Old Dominion Freight Line Inc. has offered $1.5 billion to acquire Yellow Corp.’s portfolio of terminals out of bankruptcy, more than a previous offer from Estes Express Lines.
The offer, disclosed in papers filed Friday in Delaware bankruptcy court, exceeds the $1.3 billion proposed stalking-horse bid Estes Express announced earlier this week. Old Dominion’s offer is also a stalking horse bid, which would set the floor price for Yellow’s terminals at a future Chapter 11 auction.
Lawyers for Yellow and Estes Express Lines didn’t immediately return messages seeking comment. Petition, a publication covering corporate distress and bankruptcy, reported the Old Dominion bid earlier. The competing offers for Yellow’s terminals comes after the company secured a new, less expensive bankruptcy loan to fund its liquidation. Citadel Credit Master Fund LLC and hedge fund MFN Partners LP, Yellow’s largest shareholder, offered to provide $142.5 million to fund Yellow’s liquidation.
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