An affiliate of Ken Griffin’s Citadel has acquired roughly $485 million in Yellow Corp. debt previously owned by Apollo Global Management Inc. & other senior lenders to the bankrupt trucking firm

Paywall: https://www.bloomberg.com/news/articles/2023-08-15/citadel-acquires-yellow-debt-owned-by-apollo-other-lenders

An affiliate of Ken Griffin’s Citadel has acquired roughly $485 million in Yellow Corp. debt previously owned by Apollo Global Management Inc. and other senior lenders to the bankrupt trucking firm, according to a person familiar with the matter.

The deal comes as Yellow seeks to secure a bankruptcy loan to fund its liquidation. Apollo and other senior lenders had offered to provide the company $142.5 million in new money to fund the trucking firm’s wind-down, but Yellow was approached with less expensive options after filing Chapter 11.

Is this going to go as well as silvergate?

Congressman French Hill on Treasury's previous $700 million bailout of Yellow: “I think the Treasury is undercollateralized. I’ll leave it at that” Treasury owns 15.94 million shares. Is this pandemic emergency program blowing up a sign of things to come with BTFP & the collateral it accepts at PAR?

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