Posts tagged Estes Express
Behind the last-ditch effort to save a trucking company that owes $700M to taxpayers
December 1, 2023 // Estes Express earlier this fall offered $1.53 billion "stalking horse" bid for Nashville-based Yellow's shipment centers. That would easily be enough to repay around $500 million in debt held by senior lender Citadel — which purchased the notes from Apollo, post bankruptcy — plus other creditors and the CARES Act loan. Then we got a wrinkle, just ahead of the bankruptcy auction kicking off this past Tuesday. It was a bid led by the owner of auto trucking company Jack Cooper to restart Nashville-based Yellow, not just scoop up logistics properties or other assets. This new proposal, as reported by the NY Times, would repay private creditors immediately, but postpone the Treasury loan repayment to 2026 from 2024. It's this second deal that's being supported, at least in principle, by a chorus of U.S. senators, including Elizabeth Warren (D-Mass.), Josh Hawley (R-Mo.), Sherrod Brown (D-Ohio), Roger Marshall (R-Kan.), and Bernie Sanders (I-Vt.). Rep. French Hill