Key Players Secure Yellow's Terminals in $1.9B Ongoing Auction

In a significant move, key players like XPO, Estes, and Saia have emerged victorious in the auction of Yellow’s defunct terminals. The high-stakes auction, supervised by a bankruptcy court, saw these logistics giants securing prime real estate assets totaling nearly $1.9 billion.

Auction Highlights

• XPO’s Big Win: XPO secured the largest portion with 28 properties valued at $870 million.
• Estes and Saia’s Acquisitions: Estes and Saia followed suit, grabbing 24 and 17 properties respectively, totaling nearly $250 million and $236 million.

The auction involved large less-than-truckload carriers and also attracted real estate investors. With 130 of Yellow’s properties sold, the process is still underway for the remaining 46 owned and some leased properties.

The Bigger Picture

This major real estate transaction is one for the books. The disbanded Yellow’s resources, including 12,000 tractors and 35,000 trailers, are also on sale, further reshuffling the industry.

The proceeds from this auction are set to cover Yellow's debts, including a $700 million COVID-19 relief loan from the federal government. The unwinding of Yellow's estate is a complex affair, with unsecured creditors, including pension funds, awaiting settlements.

Sources: Freight Waves | Trucking Dive