Another block of bankrupt less-than-truckload carrier Yellow Corp.’s terminals are set to be sold, according to filing with a federal bankruptcy court in Delaware. A Monday motion to the court asked for approval to sell 10 locations valued at $20.7 million.
Saia (NASDAQ: SAIA) is acquiring three leased properties for $6.5 million. The locations include a 72-door terminal in Orlando, Florida, a 54-door terminal in Deer Park, New York, and 21 doors in Calexico, California. Once the closes, the LTL carrier will have acquired 31 terminals from Yellow’s estate for roughly $250 million.
It spent last year opening 21 of the 28 locations it acquired from the first two auctions of Yellow’s (OTC: YELLQ) real estate. Saia was also active relocating other terminals to better-suited spaces in 2024.
Saia’s expansion has allowed it to cement a position as a national carrier serving all 48 contiguous states. However, costs associated with onboarding the new sites and growing tonnage at an industry-leading pace caught up with it in the first quarter, when it missed expectations and saw its shares tumble 30%.
Some of Yellow’s old terminals will be acquired by buyers not active in previous sales.
Moon Star Express, a Michigan-based fleet with 300 trucks and 600 trailers serving the auto industry, is acquiring an 80-door terminal valued at $10 million in Pontiac, Michigan, through its affiliate M Way Holding.
Borg Enterprises, an affiliate of Northland Towing, is acquiring a 27-door terminal in Fargo, North Dakota, for $1.6 million.
Specialty foods company Baldor is acquiring an 18-door terminal near Portland, Maine, for $1.55 million.
United Holding Group (Aman Truck Lines) is buying 46 doors in Atlanta, Illinois, for $450,000. The group was active in Yellow’s first auction, acquiring two terminals valued at $4.7 million.
Various real estate investment firms rounded out the bidding on sites that included a 28-door location in Hubbard, Ohio, for $140,000, a 24-door terminal in Mobile, Alabama, for $480,000 and a 3.5-acre piece of real estate in Goodland, Kansas, for $25,000.
The estate has unloaded more than 200 terminals valued at roughly $2.4 billion since the liquidation began at the end of 2023.
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