Yellow asks court for 90-day extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Feb. 12 – Yellow Corp. is seeking a 90-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

The company asked the court to extend the exclusive filing period through June 3 and the exclusive solicitation period through July 31.

Yellow said the debtors are continuing the marketing and sale process for about 160 remaining owned and leased properties, as well as litigation regarding the debtors’ objection to the proofs of claim filed by multiemployer pension plans, which, if successful, could significantly reduce or disallow over $7 billion in asserted general unsecured claims.

“Granting the requested relief will allow the debtors to focus their attention on capitalizing on their sale processes, addressing material parts of the claims pool, and making additional progress on their wind-down efforts to materially reduce the administrative burn of these Chapter 11 cases,” the company said in its motion.

“Permitting any other party in interest to put forth a Chapter 11 plan at this juncture of these Chapter 11 cases would be confusing and value-destructive.”

Yellow is a provider of regional, national and international shipping services based in Nashville. The company filed bankruptcy on Aug. 6, 2023 under Chapter 11 case number 23-11069.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.