Ritchie Bros. Auctioneers (Ritchie Bros.) and asset management firm Nations Capital (NCI) have received bankruptcy court approval to liquidate the assets of now-defunct trucking company Yellow Corp.
In August 2023, Nashville-headquartered LTL carrier Yellow Corp. officially shut its doors for good, filing for the largest bankruptcy in U.S. trucking history.
With the company closure, approximately 30,000 union and non-union jobs were lost.
In a November 2 announcement, NCI and Ritchie Bros. said that they’ll be kicking off the sale of Yellow’s rolling stock assets including approximately 60,000 units of trucks, trailers and miscellaneous LTL support equipment located across the United States and Canada at over 300 terminal locations throughout 2024.
“We are honored to provide Yellow Corporation a comprehensive solution to maximize the value of its rolling stock assets,” said Jim Burke, Executive Vice President, NCI. “The historic size and complexity of this transaction required a highly coordinated effort between the teams at NCI, Ritchie Bros. and the company. Together with Ritchie Bros., we are prepared to lead one of the largest disposition events in our industry.”
“We are excited to offer the market this extensive fleet of trucks, trailers and support equipment from what was one of North America’s largest carriers,” said Zac Dalton, Executive Vice President, NCI. “Our experience and proven track record with large fleet sales in the transportation space was key in winning the trust of this customer.”
Auto hauler Jack Cooper Transport recently made a $2 billion bid for Yellow Corp. contingent on government extending terms of Yellow’s $700 million unpaid COVID loan.