Yellow gets 90-day exclusivity extension as sale process continues

By Sarah Lizee

Olympia, Wash., Nov. 8 – Yellow Corp. secured an extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

The court extended the exclusive plan filing period by 90 days through March 4 and the exclusive solicitation period by 90 days through May 2.

“Fewer than three months from the petition date, the debtors have made substantial progress towards achieving their Chapter 11 goals of consummating a value maximizing sale and implementing an orderly wind-down, but significant work remains to be done,” the company said in the motion seeking the extension.

“The debtors therefore seek an extension of the exclusivity periods to permit the debtors to continue the ongoing marketing and sale of all or substantially all of the debtors’ real estate and rolling stock, amongst other assets, pursuant to the bidding procedures order.”

The company noted that the bid deadline for the non-rolling stock assets is Nov. 9, and an auction is scheduled for Nov. 28.

“Because the filing exclusivity period is currently set to expire only days after the non-rolling stock auction, and because the outcome of the sale process will drive the development of the debtors’ ultimate Chapter 11 plan, the debtors request a reasonable extension of the exclusivity periods,” Yellow said.

Yellow is a provider of regional, national and international shipping services based in Nashville. The company filed bankruptcy on Aug. 6 under Chapter 11 case number 23-11069.

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