Bankrupt trucking company Yellow Corp will not seek court approval to borrow $142.5 million from private equity firm Apollo Global Management at a Wednesday court hearing, instead choosing to delay its request to a future court date, Reuters reported. The company, which filed for bankruptcy on Sunday, had planned to seek approval to borrow the first $60 million of a new $142.5 million loan to facilitate an orderly sale of its vehicle fleet and other assets. But a revised agenda published before the hearing indicates that Yellow will discuss the proposed loan in court without seeking approval for any new funding. The proposed loan, if approved, would put Apollo first in line for repayment ahead of the U.S. Treasury Department, which is owed over $700 million on a pandemic bailout loan approved by former President Donald Trump's administration in 2020.
