Yellow is set to raise more than $2 billion after a bankruptcy auction that will disperse much of its national network of truck terminals among rivals, casting deeper doubt on a long shot bid to revive the trucker, WSJ Pro Bankruptcy reported. About a dozen trucking companies bought properties at a court-supervised auction that unloaded 75% of Yellow’s properties for a total of just under $1.9 billion, according to a filing Monday evening in the U.S. Bankruptcy Court in Delaware. The bids must be approved by the court, which is scheduled to hold a hearing Dec. 12. The remaining properties are expected to fetch hundreds of millions more and to be sold over the coming months, according to a person familiar with the process. The sales pushed further out of reach a trucking group’s bid to revive Yellow as a smaller, leaner carrier and to rehire thousands of employees. The bid includes $1.1 billion in financing and asks creditors, including the federal government, to push back repayment of some debts and to accept equity in the new business.
