Bankrupt trucking company Yellow is considering an offer to revive the carrier and rehire thousands of its former workers as it weighs competing bids at a court-supervised auction that would disperse its nationwide network of truck terminals to rivals, the Wall Street Journal reported. Sarah Riggs Amico, executive chair of auto-carrier Jack Cooper Transport, is leading a bid that would replace Yellow, which shut down over the summer, with a smaller, leaner trucking company that aims to win back some of the billions of dollars worth of freight business that has shifted to a range of other carriers. The bid faces major hurdles, including persuading the federal government to extend a $700 million loan made to Yellow during the COVID-19 pandemic that is due in 2024. It also comes as Yellow is deep in the process of selling off tens of thousands of trucks and trailers and about 170 North American truck terminals, assets that have been valued at a total of more than $2 billion. Yellow has already begun sending its equipment to liquidators for sale over the coming year, and it has accepted a stalking-horse bid of $1.525 billion from rival trucker Estes Express Lines for its real estate holdings, which are being auctioned this week.
