Baltimore terminal purchased by Yellow Corp. for $4.7 million dollars
Yellow Corp., the transportation and logistics company that filed for bankruptcy in July 2023, is continuing its asset liquidation process. The latest development sees the sale of a Baltimore service center, valued at $4.7 million, to a yet-to-be-disclosed real estate firm.
As part of the sale, CBRE (NYSE: CBRE) has been appointed as the exclusive real estate broker for Yellow Corp., overseeing the marketing of the remaining locations. The agreement calls for a 30-day bidding process, with the deadline set for around Nov. 5.
The Baltimore service center, spanning 10.7 acres and boasting 54 doors, is one of the 11 owned terminals that Yellow Corp. currently holds. When the company filed for bankruptcy, it operated 325 terminals, a number that has now significantly reduced.
The sale of this service center is expected to generate additional funds for Yellow Corp., which can be used to settle outstanding claims. This includes payments to former employees for accrued PTO, sick time, and grievance pay.
Yellow Corp. has already sold more than 200 service centers for nearly $2.4 billion since its liquidation began. In July, the company reported having $623 million in cash, a significant portion of which has been utilised in these sales.
It is worth noting that there is no publicly available information about who has been appointed as the exclusive real estate agent for the assets of Yellow Corp., apart from CBRE for this specific sale.
The remaining locations' bids will be approved by the court at a Nov. 12 hearing. Yellow Corp. has also sought permission to have commercial real estate marketing platforms Crexi and LoopNet list its remaining owned locations.
This sale is another step in Yellow Corp.'s journey towards restructuring and financial recovery. The company's liquidation process, while challenging, has generated substantial funds, providing a glimmer of hope for its future.
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