Yellow Corporation files voluntary Chapter 11 petitions
Goodmans LLP is acting as Canadian counsel for Yellow Corporation and its subsidiaries in connection with their ongoing recognition proceedings under Part IV of the Companies’ Creditors Arrangement Act in respect of their Chapter 11 bankruptcy proceedings.
The Debtors form an approximately 100-year-old trucking and logistics company, which boasted one of the largest less-than-truckload networks in North America that enabled Yellow to provide customers with regional, national, and international shipping services of transportation logistics and LTL services. Entering 2023, Yellow was the largest unionized LTL carrier in the United States, in addition to being the third largest LTL freight carrier and the fifth largest transportation company in North America. Yellow Corporation traded on the NASDAQ.
Throughout 2023, Yellow had been facing a severe liquidity crisis over an extended period, resulting in large part due to the International Brotherhood of Teamsters blocking Yellow’s multi-phase strategic initiative, that was intended to modernize Yellow’s business and upgrade the efficiency of its operations. The union refused the company’s proposals in connection with implementing the One Yellow initiative, which significantly impaired the company’s liquidity and ability to refinance its approximately US$1.2 billion of debt.
Goodmans has been actively involved in working with the company and its U.S. advisors to ensure the efficient coordination of these cross-border proceedings and the successful implementation of the company’s wind-down and sale efforts with regards to the Canadian Debtors and their assets and property in Canada.
Featured Work
-
Shareholder Activism
Algonquin Power & Utilities Corp. appoints new directors to Board and extends cooperation agreement with Starboard
Goodmans LLP advised Starboard Value LP (“Starboard”) in connection with the extension of cooperation agreement with Algonquin Power & Utilities Corp. (“Algonquin”), pursuant to which, Algonquin… -
Aging and Health Care
Welltower to acquire Amica Senior Lifestyles portfolio for $4.6 billion
Goodmans is advising Welltower Inc. in connection with its announced acquisition of a portfolio of senior housing communities from Amica Senior Lifestyles and Ontario Teachers' Pension Plan for… -
Mining
Coeur Mining, Inc. acquires SilverCrest Metals Inc. at an implied equity value of approximately US$1.7 billion
Goodmans LLP acted as Canadian counsel to Coeur Mining, Inc. in connection with its acquisition of SilverCrest Metals Inc., whereby pursuant to a plan of arrangement Coeur acquired all of the issued… -
Mergers and Acquisitions
Converge Technology Solutions Corp. to be taken private by H.I.G. Capital
Goodmans LLP is advising Converge Technology Solutions Corp. in connection with its arrangement agreement with an affiliate of H.I.G. Capital, whereby H.I.G has agreed to acquire all of the issued and… -
Mergers and Acquisitions
Apotex acquires CanPrev
Goodmans LLP acted for Apotex Inc. in connection with its acquisition of CanPrev, a leading Canadian provider of vitamins, supplements, and other natural health products… -
Mergers and Acquisitions
Ryan, LLC completes acquisition of Altus Group’s Property Tax Services business
Goodmans LLP acted for Ryan, LLC in connection with its C$700 million acquisition of the global property tax services business of Altus Group Limited, a provider of asset and fund intelligence for…