Yellow, the trucking company that shut down its operations and filed for bankruptcy protection this summer, on Wednesday rejected a trucking executive’s bid to buy and restructure its business, the New York Times reported. In a letter sent to the prospective buyer, Yellow’s lawyers contended that the bid was “not viable,” saying they had not gotten any indication that the bid had the support of the company’s creditors, including the Treasury Department, which had made an emergency loan to the company during the pandemic. The letter also said that the plan to revive Yellow underestimated the costs and difficulties of such an effort. The bid would not be “confirmable by a bankruptcy court or in the best interests of Yellow’s stakeholders,” the letter said. Yellow’s management intends to soon complete its own bankruptcy plan, which involves selling off the company’s assets to different buyers. The company this week released the results of an auction in which the winning bidders committed to spend nearly $1.9 billion on 128 terminals, Yellow’s most valuable assets. On Dec. 12, the company plans to seek approval for the sales from a federal bankruptcy judge in Delaware.
