Yellow Corporation filed an asset purchase agreement in the US Bankruptcy Court for the sale of its certain assets on December 6, 2023. As per the agreement dated December 4, 2023, seeks the Court?s approval for the sale of its certain assets to XPO, Inc., the winning bidder, for a purchase price of $870 million in cash. The debtor?s assets include 26 Owned Real Properties and 2 Leased Real Properties.

Under the terms of the asset purchase agreement, the buyer has made an earnest money deposit of 5% of the purchase price upon the execution of the agreement. The transaction is expected to close on December 14, 2023. The buyer is represented by Scott K. Charles, Gregory E. Pessin, Benjamin S. Arfa, Adam O. Emmerich, and Viktor Sapezhnikov of Wachtell, Lipton, Rosen & Katz as its legal advisors and the debtor is represented by Allyson Smith, and Steve Toth of Kirkland & Ellis LLP as its legal advisors.