Two bills just dropped in the Senate that could reshape trucking faster than anything since deregulation. Plus: Russian hackers targeted your load board, flatbed rejection rates just hit 40%, and a robot is taking the Houston-Dallas overnight run.
This week: The Dalilah Law, a trucking bankruptcy that wiped out thousands overnight, a FreightGuard civil war on Reddit, and the payroll data that's predicting Q4 capacity.
Indiana pulled the trigger on carriers employing illegal CDL holders. Plus: tariff ruling could flood LA with imports, DC finally moves on double brokers, spot rates are outrunning contract, and more.
The auction, drawing interest from carriers and real estate investors alike, saw 130 of Yellow’s properties sold, with 46 owned and additional leased properties still on the market.
In a significant move, key players like XPO, Estes, and Saia have emerged victorious in the auction of Yellow’s defunct terminals. The high-stakes auction, supervised by a bankruptcy court, saw these logistics giants securing prime real estate assets totaling nearly $1.9 billion.
The auction involved large less-than-truckload carriers and also attracted real estate investors. With 130 of Yellow’s properties sold, the process is still underway for the remaining 46 owned and some leased properties.
This major real estate transaction is one for the books. The disbanded Yellow’s resources, including 12,000 tractors and 35,000 trailers, are also on sale, further reshuffling the industry.
The proceeds from this auction are set to cover Yellow's debts, including a $700 million COVID-19 relief loan from the federal government. The unwinding of Yellow's estate is a complex affair, with unsecured creditors, including pension funds, awaiting settlements.
HUGE news for Yellow Corporation shareholders. Auction results came in 400mm above stalking horse bid. By our calculations, shareholder recovery should be around 600mm, indicating more than 500% upside. $yellq
— Pernas Research (@pernasresearch) December 5, 2023
(either we totally missed something or the pop on open will be… pic.twitter.com/qySfZps2B6
Sources: Freight Waves | Trucking Dive
Yellow sought bankruptcy court to tackle its pension fund claims to avoid arbitration. Meanwhile, the Teamsters fended off Yellow's breach of contract accusation earlier this week.
Yellow shares soar following MFN Partners' 42.5% stake accumulation despite looming bankruptcy concerns.
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