Handlers of defunct Yellow Corp.’s estate have asked a federal bankruptcy court in Delaware to approve the sale of four terminals for $6.1 million. ABF Freight parent, ArcBest, is listed as a buyer of a small location in Alabama. The other buyers appear to be real estate investors.
ArcBest (NASDAQ: ARCB) has entered an agreement to acquire an 18-door terminal in Montgomery, Alabama for $375,000. ArcBest previously acquired seven service centers from the former less-than-truckload carrier for nearly $50 million.
The other three properties to be sold include: a 92-door terminal just north of Providence, Rhode Island ($2.75 million), a 45-door terminal in Jacksonville, Florida ($2.6 million), and a 24-door terminal in Florence, South Carolina ($375,000).
All four locations are owned by Yellow.
A September filing with the court showed the estate had just 11 owned terminals left to sell. Yellow was the nation’s third-largest LTL carrier operating more than 325 terminals when it closed in July 2023.
The estate has sold over 200 service centers for nearly $2.4 billion since the liquidation began. It has also terminated leases on other properties.
A September monthly operating report showed Yellow had $622 million in cash. The funds will be used to repay outstanding creditors, including claims from former employees. A final bankruptcy plan has been sent to creditors for a vote. If approved, remaining creditors will begin to receive distributions following a November confirmation hearing.
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