On August 6, 2023, Yellow Corporation and its subsidiaries and affiliates each filed petitions in the United States Bankruptcy Court for the District of Delaware seeking relief under chapter 11 of the United States Bankruptcy Code.
In connection with the Chapter 11 Proceedings, Yellow Corporation was appointed to act as a foreign representative of YRC Freight Canada Company, YRC Logistics Inc., USF Holland International Sales Corporation, and 1105481 Ontario Inc. for relief pursuant to Part IV of the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended, and Section 106 of the Courts of Justice Act, RSO 1990, as amended.
On August 29, 2023, the Ontario Superior Court of Justice (Commercial List) granted the Initial Recognition Order and a Supplemental Order (Foreign Main Proceeding), which among other things, provides for a stay of proceedings for the Canadian Debtors pursuant to the CCAA.
Alvarez & Marsal Canada Inc. is the Information Officer in respect of the proceedings pursuant to Part IV of the CCAA.
Goodmans LLP is acting as Canadian counsel for Yellow Corporation and its subsidiaries with a team that includes Robert James Chadwick, Andrew Harmes, Caroline Descours, Brennan Caldwell, Joe Conforti, Megan Brooks, Ken Herlin, Victor Liu, Michael Royal, and Chris Baxter.
BLG acted as counsel to BNY as administrative agent and collateral agent under the UST Credit Agreements.