Bankrupt trucking company Yellow Corp received court approval on Tuesday to sell most of its shipping centers and real estate to multiple buyers for $1.88 billion, ending a bidder's long-shot effort to keep the company intact, Reuters reported. Bankruptcy Judge Craig Goldblatt approved the sale at a court hearing in Wilmington, Del., saying that the purchase price was a "tremendous outcome" for the trucking company and its creditors. The sale, which will parcel out 130 of the company's shipping centers to multiple buyers, generated enough cash to pay off the company's $1.2 billion in pre-bankruptcy debt, including $700 million owed on a U.S. Treasury Department COVID-19 pandemic relief loan approved by former President Donald Trump's administration in 2020. Yellow is still seeking buyers for its remaining owned and leased real estate, including 46 shipping terminals, as well as its fleet of trucks. Yellow chose to break up its assets rather than keeping the company intact for an outside buyer, despite pressure from U.S. Senators from both parties who argued that the company should remain intact as a way to save jobs.
