Yellow Corporation – Court Approves Stalking Horse Arrangements with Estes Express Lines ($1.525bn Cash Bid for Owned Property); Debtors Cite “Substantially Below Market” Bid Protections in Choosing Estes Over Old Dominion (For Now)
September 21, 2023 – The Court hearing the Yellow Corporation cases issued an order approving: (i) stalking horse arrangements with Estes Express Lines (“Estes,” $1.525bn cash bid) in relation to the sale of substantially all of the Debtors’ owned real estate (the "Owned Properties") and (ii) authorizing the Debtors to offer Estes "substantially below market"…