Yellow still has 46 owned and 70 leased locations to sell. (Photo: Jim Allen/FreightWaves)
A Delaware bankruptcy court ruled Friday that Yellow Corp. could retain real estate broker CBRE to sell its remaining terminals, which include 46 owned and 70 leased locations. Counsel for the debtors also said submission of a final Chapter 11 bankruptcy plan to the court will happen in the coming days, ahead of the expiration of the company’s exclusivity period.
According to Friday testimony, the CBRE request was unopposed by stakeholders to the estate, including the official committee of unsecured creditors, which had previously voiced concerns that the liquidation of the defunct less-than-truckload carrier was too costly and taking too long. Earlier this month, some of Yellow’s (OTC: YELLQ) creditors accused the debtors of dragging out the process, fighting legitimate claims in attempts to garner a recovery for stockholders even though “every conceivable” scenario shows shareholders “are out of the money.”
The estate has incurred more than $100 million in professional fees since filing for bankruptcy a little more than a year ago. On the eve of Friday’s hearing, two law firms representing Yellow filed compensation and expense reimbursement applications with the court totaling more than $3 million.