Yellow Corporation (fka YRC Worldwide)

bankrupt

Transportation — Apollo Global Management

Deal Terms

Entry Year2019

Entry EV$2.5B

Entry Multiple5x

Leverage7x

Debt Amount$1.75B

Outcome

Exit Year2023

Risk Metrics

LTV (est.)70%

Debt / EV0.70x

Notes

Apollo provided $600M lifeline loan (2019). Apollo then leveraged Trump admin connections to secure $700M CARES Act loan (2020) — US government took 30% equity. Filed Chapter 11 Aug 2023 owing $730M to taxpayers. 30,000 Teamsters jobs destroyed. Apollo extracted fees while taxpayers absorbed losses. Third-largest US trucking company liquidated.

Sponsor

Apollo Global Management$938B AUM