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Heartland Express, Covenant Logistics, and Knight-Swift Q2 earnings show mixed results, debt reduction, and market stabilization signs.
Amid bankruptcy, Yellow weighs revival bid and auction of assets including a significant real-estate portfolio.
Bankrupt trucking company Yellow, formerly a major player in the less-than-truckload sector, is considering a revival bid led by Sarah Riggs Amico of Jack Cooper Transport. This bid competes against offers for Yellow's assets, including a $1.525 billion bid from Estes Express Lines for its real estate. Yellow, which collapsed this summer, owes significant debts to secured creditors and pension funds. The Amico bid includes a request to extend a $700 million federal loan and offers $1.1 billion in financing, along with $1.5 billion in perpetual preferred shares to unsecured creditors. The auction for Yellow's assets, including its real estate and fleet, is ongoing, with potential to raise sufficient funds to repay debts.
Source: The Wall Street Journal
The trucking industry believes bankrupt trucker Yellow is dead. This company wants to resurrect it. https://t.co/mhrtdwwheyhttps://t.co/mhrtdwwhey
— The Wall Street Journal (@WSJ) November 29, 2023
Source: The Wall Street Journal
A truck carrying flammable chemicals crashed and exploded on Route 3 in Clifton, NJ, killing the driver and forcing evacuations.
Q2 sees slower rate of trucking business exits, but market remains challenging. Here are the latest industry data and expert insights.
Driver wages remain the largest expense. Safety bonuses ($1,831 average) surpassed starting bonuses for the first time.
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