Reported 6 months ago
Defunct cargo hauler Yellow Corp. is considering putting its remaining cargo terminals and vacant properties into a real estate investment trust to raise money for creditors, as revealed during a bankruptcy court hearing in Wilmington, Delaware. The company, which shut down and filed for bankruptcy last year, aims to explore the option of creating a new company from its assets to potentially generate more funds for creditors and possibly provide some returns to shareholders, which is uncommon in corporate bankruptcies. The proposal involves forming a real estate investment trust to hold some of Yellow's properties, including 47 owned locations and 78 long-term leased locations.
Source: YAHOO