Yellow Corp. has rescheduled the bid deadline for its fleet of trucks and trailers in the ongoing bankruptcy proceedings. The original deadline, set for October 13, has been postponed, and the new deadline has not yet been determined. As a result, the auction, originally scheduled for October 18, will also be rescheduled, along with the declaration of winning bids in court.
Yellow owned approximately 12,700 tractors and 42,000 trailers at the end of Q2 2023. Demand for late-model trucks is expected to be strong, with an estimated value of around $100,000 each. Due to lower demand, older trucks in the fleet will likely fetch only about $20,000.
Additionally, Yellow has set a bid deadline of November 9 for selling its 169 terminals and other non-rolling stock assets. An auction may be held on November 28, and the winning and backup bidders will be announced on December 1.
Estes Express Lines is currently the stalking horse bidder for the terminals, offering $1.525 billion, the third stalking horse bid for Yellow’s valuable assets. A stalking horse bid sets a minimum bar for other bids, preventing lower offers. Old Dominion Freight Line Inc. and Estes Express previously submitted bids of $1.5 billion and $1.3 billion, respectively, for the terminals.