Yellow Corp: going-concern / distress — Yellow Corp enters into Amendment No. 2 to Junior DIP Credit Agreement to clarify exit fee language

Yellow Corp

Amendment removes "per annum" from Section 2.05(a) to clarify 7.5% is an exit fee, not a ticking fee.
The amendment was required by MFN Partners, L.P. and its auditors.
All existing lenders consented. No change to principal amount or interest rates.
The company is in Chapter 11 bankruptcy (filed Aug 6, 2023).

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 ”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.8

Yellow Corp amended Junior DIP Credit Agreement Amendment with unknown valued at Junior DIP Credit Agreement Amendment entered into. (effective 2023-12-01).

Action: amendment
Agreement: credit facility
Value: Junior DIP Credit Agreement Amendment entered into.
Effective: 2023-12-01

Exact text from the filing

The information set forth under Item 1.01 of this Current Report on Form 8-K regarding the Junior DIP Credit Agreement Amendment is incorporated herein by reference.

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Source: SEC EDGAR

accession 0001193125-23-286827

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