US trucking giant Yellow gets USD 1.5 bn bid for assets amid liquidation: Old Dominion Freight Line is placing a USD 1.5 bn bid for the network of truck terminals owned by trucking giant Yellow, surpassing a USD 1.3 bn bid by competitor Estate Express Lines, the Wall Street Journal reports. Yellow’s recent bankruptcy filing is drawing in several bids for the company’s assets from almost 100 different entities to help settle its outstanding debts, the WSJ adds, citing a company lawyer. The USD 1.5 bn bid would surpass the amount Yellow owes to lenders that include the US government, which is asking for the repayment of a USD 700 mn loan. Yellow has also agreed to a proposal from hedge fund Citadel and MFN Partners — the company’s biggest shareholder — for a USD 142 mn bankruptcy loan, Yellow’s lawyer Allyson Smith is quoted as saying.

Tags: