Yellow Corp: going-concern / distress — Yellow Corp. Bankruptcy Court approves exclusive Rolling Stock Agency Agreement with Ritchie Bros. for asset sales

Yellow Corp

Court approved final order on Oct 27, 2023, for exclusive agency with Nations Capital, Ritchie Bros., IronPlanet to sell rolling stock assets.
Agent will market, auction, and sell assets over 18-month term; must remove all assets from properties within 6 months.
Agent compensation is a percentage of gross proceeds; expenses reimbursed.
Company is in Chapter 11 bankruptcy (filed Aug 6, 2023); this agreement facilitates liquidation of fleet.
Priority properties (50% of locations) must be cleared of assets within 3 months.

item 1.01 item 1.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.99

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

Item 1.03. Bankruptcy or Receivership. The information set forth under Item 1.01 of this Current Report on Form 8-K regarding the Rolling Stock Agency Agreement is incorporated herein by reference.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Yellow Corp entered into Rolling Stock Agency Agreement with Nations Capital, LLC, Ritchie Bros. Auctioneers (America) Inc., IronPlanet, Inc., Ritchie Bros Auctioneers (Canada) Ltd., and IronPlanet Canada Ltd. valued at exclusive marketer, broker, and auctioneer of Rolling Stock Assets; 18-month term; compensation base (effective 2023-10-16).

Action: entry
Counterparty: Nations Capital, LLC, Ritchie Bros. Auctioneers (America) Inc., IronPlanet, Inc., Ritchie Bros Auctioneers (Canada) Ltd., and IronPlanet Canada Ltd.
Value: exclusive marketer, broker, and auctioneer of Rolling Stock Assets; 18-month term; compensation base
Effective: 2023-10-16

Exact text from the filing

Item 1.01. Entry into a Material Definitive Agreement. Rolling Stock Agency Agreement As previously disclosed, on August 6, 2023, Yellow Corporation (the “ Company ”) and certain of its direct and indirect subsidiaries (collectively, the “ Debtors ”), 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. On October 27, 2023, the Bankruptcy Court issued a final order approving that certain Motion of Debtors’ for Entry of an Order (I) Approving Agency Agreement With Nations Capital, LLC, Ritchie Bros. Auctioneers (America) Inc., IronPlanet, Inc., Ritchie Bros Auctioneers (Canada) Ltd., and IronPlanet Canada Ltd. Effective As Of October 16, 2023; (II) Authorizing the Sale of Rolling Stock Assets Free and Clear of Liens, Claims

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Source: SEC EDGAR

accession 0001193125-23-268349

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