Yellow Corporation (YELLQ) has released an update to notify the public and investors about its asset transaction finalization.
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Yellow Corporation, amidst its Chapter 11 bankruptcy proceedings, has successfully sold certain real estate assets for a total of $1.89 billion. This significant cash infusion comes from a series of deals sealed by Asset Purchase Agreements on December 4, 2023. The new owners have taken on related liabilities, including leases and environmental responsibilities, with the bankruptcy court confirming the sale under Section 363 of the Bankruptcy Code. This strategic move is a vital step in Yellow Corporation’s restructuring efforts.
For further insights into YELLQ financials, check out TipRanks’ Financials page.
For a comprehensive understanding of the announcement, you can read the full document here.