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Yellow Corp (NASDAQ: YELL) has reportedly planned to push negotiations on a bankruptcy loan till next week.
The company's attorney Pat Nash told in court that it aims to explore at least two alternative loan proposals that will offer $142.5 million in cash, as per Reuters.
Also, Yellow sought alternative financing from MFN Partners (which owns 41% of YELL) and Estes Express Lines, a freight trucking peer company.
Nash told the court that Yellow would likely choose one of the loans that are "much more favorable" than Apollo's initial proposal by early next week.
Recently, the company filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code.
This week, Yellow reported Q2 EPS of $(0.28), beating the consensus of $(0.96) and sales of $1.13 billion, missing the consensus of $1.20 billion.
Price Action: YELL shares are trading lower by 11.28% at $1.73 on the last check Friday.
Posted In: YELL
