{"id":1406391,"date":"2023-08-17T10:30:00","date_gmt":"2023-08-17T14:30:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1406391"},"modified":"2023-08-17T10:30:00","modified_gmt":"2023-08-17T14:30:00","slug":"apollo-sells-yellow-term-loan-to-citadel","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/apollo-sells-yellow-term-loan-to-citadel\/1406391\/","title":{"rendered":"Apollo Sells Yellow Term Loan To Citadel"},"content":{"rendered":"<p><span class=\"field field--name-title field--type-string field--label-hidden\">Apollo Sells Yellow Term Loan To Citadel<\/span><\/p>\n<div class=\"clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item\">\n<p><em>By Todd Maiden of <a href=\"https:\/\/www.freightwaves.com\/news\/apollo-sells-yellow-term-loan-to-citadel\">FreightWaves<\/a><\/em><\/p>\n<p>Apollo Global Management has sold the term loan it held for Yellow Corp. and has withdrawn its proposal for bankruptcy financing, according to Financial Times.<\/p>\n<p><a href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/yell%20apollo.jpg?itok=TeDLXMWo\"><\/a><\/p>\n<p><strong>Miami-based hedge fund Citadel has acquired Yellow\u2019s $485 million debt from Apollo and other lenders<\/strong>. A Tuesday Delaware bankruptcy court filing showed counsel representing Citadel Credit Master Fund would depose representatives from Yellow on Wednesday regarding post-petition financing.<\/p>\n<p>Apollo\u2019s debtor-in-possession (DIP) financing package was touted in bankruptcy filings as the only viable offer made to the less-than-truckload carrier in the days leading up to its<a href=\"https:\/\/www.freightwaves.com\/news\/yellow-files-for-bankruptcy\" target=\"_blank\" rel=\"noopener\"> Chapter 11 petition<\/a>. The $142.5 million deal was expected to provide the company with the funds necessary to market and sell off its terminals and equipment.<\/p>\n<p>The deal would have also provided the private equity firm with an improved lien position among secured creditors. It held first-lien position on the term loan as well as a better lien position than the U.S. Treasury, which is due $737 million from a<a href=\"https:\/\/www.freightwaves.com\/news\/trying-to-make-sense-of-the-yrc-bailout\" target=\"_blank\" rel=\"noopener\"> 2020 COVID relief loan<\/a> to the carrier.<\/p>\n<p>However, representation for Yellow said last week that better offers came forward following the bankruptcy petition and that Apollo\u2019s terms were too onerous. <strong>That deal carried a 17% interest rate, a $32 million closing fee and a 90-day window to liquidate the assets.<\/strong><\/p>\n<p>The frontrunners at the time included LTL carrier Estes Express Lines and Boston hedge fund MFN Partners, which acquired a 40% stake in Yellow\u2019s stock in July. However, Yellow attorney Pat Nash said at a Friday hearing there had been \u201ca number of inbounds from other parties\u201d willing to provide new money in a junior position to existing creditors.<\/p>\n<p>A Tuesday hearing, which could have potentially revealed the new DIP lender, was pushed backed to Thursday.<\/p>\n<p>In recent days, company insiders have been selling restricted and other shares of Yellow ahead of the stock\u2019s delisting on Wednesday.<\/p>\n<\/div>\n<p>      <span class=\"field field--name-uid field--type-entity-reference field--label-hidden\"><a title=\"View user profile.\" href=\"https:\/\/cms.zerohedge.com\/users\/tyler-durden\" class=\"username\">Tyler Durden<\/a><\/span><br \/>\n<span class=\"field field--name-created field--type-created field--label-hidden\">Thu, 08\/17\/2023 &#8211; 06:30<\/span><\/p>\n<p>\u200b<a href=\"https:\/\/www.zerohedge.com\/economics\/apollo-sells-yellow-term-loan-citadel\" target=\"_blank\" class=\"\" rel=\"noopener\">https:\/\/www.zerohedge.com\/economics\/apollo-sells-yellow-term-loan-citadel<\/a>\u00a0<\/p>\n<p>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Apollo Sells Yellow Term Loan To Citadel By Todd Maiden of FreightWaves Apollo Global Management has sold the term loan it held for Yellow Corp&#8230;.<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-1406391","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pbimBl-5TRJ","jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1406391","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1406391"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1406391\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1406391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1406391"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1406391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}