Bankrupt trucking firm Yellow Corp is exploring alternate bankruptcy loan proposals instead of going ahead with a loan it already has on offer, the company said in a bankruptcy court on Wednesday.
Yellow had earlier considered taking a $142.5 million loan from Apollo Global Management to fund the liquidation. However, the firm decided against approaching the court for approving the loan as it received alternate loan offers from two other sources, the company’s attorney Pat Nash told U.S. Bankruptcy Judge Craig Goldblatt at a court hearing in Wilmington, Delaware, according to Reuters. Estes Express Lines, a rival freight trucking firm, and MFN Partners, an investment company that owns 41 percent of Yellow’s stock, have extended the loan offers.
