Bankrupt Trucker Yellow Taps Estes Express for $1.3 Billion Real-Estate Sale

Bankrupt trucking company Yellow has struck a deal to sell its real estate to rival Estes Express Lines for a minimum of $1.3 billion, enough to roughly cover the loans the company accumulated before its chapter 11.

Estes, a rival trucker that had been vying to finance Yellow’s wind-down in bankruptcy, agreed instead to serve as a stalking-horse bidder for the property assets, meaning its offer is subject to higher or better proposals at a court-supervised auction, a lawyer for Yellow said at a court hearing Thursday.

Yellow…