Yellow Corp: going-concern / distress — Yellow Corp obtains Bankruptcy Court approval for $112.5M junior DIP facility in Chapter 11 wind-down

Yellow Corp

Bankruptcy Court final order entered Sep 15, 2023 authorizing Junior DIP Credit Agreement and Postpetition B-2 Amendment.
Junior DIP Facility provides $42.5M initial term loans and $70M delayed draw term loans, aggregate committed $112.5M.
Proceeds fund Chapter 11 administration, fees, adequate protection, and other approved costs under court-approved budget.
Company filed for Chapter 11 on Aug 6, 2023; wind-down and sale of properties to repay indebtedness.
Facility includes budget compliance, variance testing, and other customary covenants for DIP financing.

item 1.01 item 1.03 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

Yellow Corp entered chapter 11 in U. S. Bankruptcy Court for the District of Delaware (petition 2023-08-06).

Proceeding: chapter 11
Court: U. S. Bankruptcy Court for the District of Delaware
Petition: 2023-08-06

Exact text from the filing

filed voluntary petitions for relief (the “ Chapter 11 Cases ”) under Chapter 11 of the U. S. Bankruptcy Code in the U. S. Bankruptcy Court for the District of Delaware (the “ Bankruptcy Court ”). The Chapter 11 Cases are being jointly administered under the caption In re: Yellow Corporation, et al., Case No. 23-11069.

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Source: SEC EDGAR

accession 0001193125-23-239697

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