Yellow Corporation filed an asset purchase agreement in the US Bankruptcy Court for the sale of its certain assets on January 2, 2024. As per the agreement dated January 2, 2024, seeks the Court?s approval for the sale of its certain assets to Fedex Freight Inc the winning bidder, for a purchase price of $22.46 million in cash. The debtor?s assets include Real property, claims and permit.

Under the terms of the asset purchase agreement, the buyer has made an earnest money deposit of $0.109 million upon the execution of the agreement. The transaction is expected to close on February 2, 2024. The buyer is represented by Clement Klank of FedEx Corporation as its legal advisors and the debtor is represented by Allyson Smith of Kirkland & Ellis LLP and Robert J. Chadwick of Goodmans LLP as its legal advisors.