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Latest Winning Yellow Bids Draw $192.5M

[ December 19, 2024   //   Gary G Burrows ]

Estes Express Lines and R+L Carriers affiliate Ramar Land Corp. said they will pay US$192.5 million for eight owned properties and four leased terminals from the administrators of Yellow Corp., the bankrupt less-than-truckload carrier.
Estes will pay US$142.5 million for seven owned and four leased terminals with a total 939 doors combined, according to Dec. 10 federal bankruptcy court filing.
The seven owned properties are in Tracy, California; Fort Wayne and Jefferson, Indiana; Hagerstown , Maryland; Omaha, Nebraska; Cincinnati; and Ringgold, Georgia. The four leased properties are in Norway, Michigan.; Dunmore, Pennsylvania; Miami; and Orange, California.
Ramar Land Corp. will pay US$50 million for the 304-door, 51.2-acre Maybrook, N.Y., facility, which is the second-largest owned terminal in Yellow’s third auction of real estate. Forty-seven owned terminals and 65 leased terminals, with 3,100 to 4,000 doors combined, were on offer. Sixteen of the leased properties were in California.
Two previous rounds of auctions drew US$1.9 billion and US$82.9 million for the sale of 128 owned and 23 leased terminals.
Yellow’s 103.6-acre, 426-door Chicago Heights, Illinois terminal was the largest owned property for sale, while the largest leased properties were the 325-door, 54.2-acre facility in Bloomington, California, and the 193-door, 55.8-acre site in Kansas City, Missouri.
Estes, which had previously made two “stalking horse” bids for all of Yellow’s terminals, previously was the winning bidder for five leased terminals for a combined US$35.4 million in the second round of auctions for Yellow’s terminals held in December 2023. Those terminals are in Sun Valley, California.; Tacoma, Washington.; Sparks, Nevada; St. Cloud, Minnesota.; and Wichita, Kansas.
During the first auction, Estes secured 24 owned terminals for a combined US$248.7 million.
R+L acquired eight terminals for US$211.5 million in the first auction, and three terminals forth US$9 million in the second auction.
A binding bid deadline for the remaining terminals are due Jan. 6, and an auction of the remaining properties will be held Jan. 13-15.

Tags: Estes Express Lines, R+L Carriers, Ramar Land Corp, Yellow Corp