Yellow Dockets

0 results found

November 12, 2024

4846

Memorandum Opinion denying motion to reconsider objection to MEPP claims

Judge Goldblatt denied the motion to reconsider the objection to the MEPP claims. The Court originally replied on Supreme Court's decision in Philpott v. Essex County Welfare Board to determine that a regulatory body could impose a condition on a party that accepts federal funds may also bind third parties. In the Memorandum opinion the Court provided further case law supporting its position on a regulatory body issuing regulation adversely impacting third parties.

October 29, 2024

4718

Judge Goldblatt files preliminary observations on the motion to reconsider MEPP claims

Judge Goldblatt previously ruled in favor of the MEPP claims which had a significant impact on pricing of general unsecured claims and equity. Several large interest holders filed a motion to reconsider. These preliminary observations shed important light on factors Judge Goldblatt considered in the previous ruling and is likely to consider in the rehearing. MFN and Mobile Street have been offered the opportunit to file a supplemental brief no longer than 10 pages by November 4, 2024 adjusting their arguments given these observations.

October 21, 2024

4615

Yellow Corporation files September monthly operating reports

Yellow Corp ended September with about $345M of cash on its balance sheet as it continue to try to liquidate remaining assets, and litigate with MEPP and WARN Act claims. The estate collected about $18.5M in revenue and disbursed about $20.7M consisting primarily of payroll ($2.4M), opex ($11.1M), and restructing fees ($7.2M).

October 17, 2024

4581

Yellow Corporation files disclosure statement for first amended plan

Yellow expects $25M-$35M of convenience class claims (capped at $25K), which will recover 100% in one or more cash distributions. Similarly, $75M-$100M of employee PTO and comission claims will recover 100% in one or more cash distributions. General unsecured claims are projected to recover 0-26% through liquidating trust interests. There continues to remain significant uncertainty around the size of the unsecured claim pool because of both WARN Act liability claims and MEPP claims.

October 17, 2024

4580

Yellow Corporation files first amended Chapter 11 plan

Yellow Corporation filed an amended Chapter 11 plan updating treatment of unsecured claims, including MEPP claims and WARN Act claims. Although it was previously floated that the Debtors may reorganize the remaining pysical assets around a REIT structure with a back-stopped rights offering supported by equity holders, that idea seems to have faded. The current plan proposes eliminating equity interests and remaining assets will be liquidated through a liquidating trust. There still remains a convenience class of creditors which will be unimpaired.