Old Dominion Freight Line Antes Bid For Bankrupt Yellow Terminals
Portfolio Pulse from Vandana Singh
Old Dominion Freight Line Inc (ODFL) has offered $1.5 billion to acquire Yellow Corp’s (YELL) 169 terminals out of bankruptcy, exceeding a previous offer from Estes Express Lines of $1.3 billion. The properties will still undergo a marketing and sale process in which higher offers may be accepted. Yellow’s largest shareholder, MFN Partners LP, and Citadel Credit Master Fund offered to provide $142.5 million to fund Yellow’s liquidation. Citadel recently bought Yellow’s term loan from Apollo Global Management (APO).
August 21, 2023 | 2:09 pm
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NEGATIVE IMPACT
Apollo Global Management's term loan to Yellow Corp was bought by Citadel. This could potentially impact Apollo's revenues.
Apollo Global Management's term loan to Yellow Corp was bought by Citadel. This could potentially impact Apollo's revenues as it may no longer receive interest payments from the loan.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Yellow Corp is in bankruptcy and is selling its terminals. The company has received a significant bid from Old Dominion Freight Line.
Yellow Corp is in bankruptcy and is selling its terminals. The company has received a significant bid from Old Dominion Freight Line, which could help it pay off its debts and potentially emerge from bankruptcy.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Old Dominion Freight Line has made a significant bid to acquire Yellow Corp's terminals, which could potentially expand its operations.
Old Dominion's bid to acquire Yellow Corp's terminals could potentially expand its operations and increase its market share. This could lead to increased revenues and profitability in the future.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100