Reported 6 months ago
Yellow Corp won a ruling in a Delaware bankruptcy court granting a 90-day extension for exclusive oversight of its liquidation process, preventing other financial entities from presenting competing plans. The company's restructuring officer argued that the current team is best suited to maximize the value of remaining assets. However, unsecured creditors criticized the slow liquidation pace, high professional fees, and urged Yellow to settle claims to prevent excessive cash burn. The court approved the extension without mediation conditions, acknowledging Yellow's efforts to maximize value for all stakeholders.
Source: YAHOO