Saia, Inc. Agrees to Acquire 17 Yellow Corporation Terminals in Chapter 11 Bankruptcy Sale
05 12월 2023 - 9:45PM
Saia, Inc. (Nasdaq: SAIA), a leading transportation provider
offering national less-than-truckload (LTL), non-asset truckload,
expedited and logistics services, announced today that it is the
winning bidder for 17 terminals of Yellow Corporation (“Yellow”)
auctioned in connection with Yellow’s pending Chapter 11
bankruptcy. Saia has agreed to pay a total of $235.7 million for
Yellow terminals located in the following markets: Fresno,
California; Seaford, Delaware; Augusta, Georgia; Bowling Green,
Kentucky; Paducah, Kentucky; West Boston, Massachusetts; Grand
Rapids, Michigan; Grayling, Michigan; Duluth, Minnesota; Owatonna,
Minnesota; Trenton, New Jersey; Rochester, New York; Akron, Ohio;
Youngstown, Ohio; Reading, Pennsylvania; Knoxville, Tennessee; and
Laredo, Texas.
“The addition of these new facilities furthers
our multiyear strategy of expanding Saia’s national terminal
footprint and, as they are opened over time, they will enable us to
provide better service to both new and existing customers,” said
Saia President and CEO Fritz Holzgrefe.
The closing of the transaction is expected in
the first quarter of 2024 and is subject to various conditions,
including approval by the U.S. Bankruptcy Court for the District of
Delaware of the sale and regulatory approvals. A hearing to seek
court approval is expected on December 12, 2023. Saia intends to
pay the purchase price with a combination of cash on hand and
availability under its credit facilities.
About Saia, Inc.
Saia Inc. (NASDAQ: SAIA) offers customers a wide
range of less-than-truckload, non-asset truckload, expedited and
logistics services. With headquarters in Johns Creek, Georgia, Saia
LTL Freight operates 194 terminals across the country and employs
nearly 14,000 people. For more information on Saia, Inc. visit the
Investor Relations section at
www.saia.com/about-us/investor-relations.
Cautionary Note Regarding
Forward-Looking Statements
The Securities and Exchange Commission
encourages companies to disclose forward-looking information so
that investors can better understand the future prospects of a
company and make informed investment decisions. This news release
may contain these types of statements, which are “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995.
Words such as “anticipate,” “estimate,”
“expect,” “project,” “intend,” “may,” “plan,” “predict,” “believe,”
“should” and similar words or expressions are intended to identify
forward-looking statements. Investors should not place undue
reliance on forward-looking statements and the Company undertakes
no obligation to publicly update or revise any forward-looking
statements, except as required by law. All forward-looking
statements reflect the present expectation of future events of our
management as of the date of this news release and are subject to a
number of important factors, risks, uncertainties and assumptions
that could cause actual results to differ materially from those
described in any forward-looking statements. These factors, risks,
uncertainties and assumptions include, but are not limited to, (1)
the failure of the U.S. Bankruptcy Court for the District of
Delaware to approve the sale of the terminals to Saia; (2) the
possibility of a different bidder emerging to purchase all Yellow
real estate or other assets; (3) the failure to obtain required
regulatory approvals for the sale, including approvals required by
the Hart-Scott-Rodino Antitrust Improvements Act; (4) general
economic conditions including downturns or inflationary periods in
the business cycle; (5) operation within a highly competitive
industry and the adverse impact from downward pricing pressures,
including in connection with fuel surcharges, and other factors;
(6) industry-wide external factors largely out of our control; (7)
cost and availability of qualified drivers, dock workers, mechanics
and other employees, purchased transportation and fuel; (8)
inflationary increases in operating expenses and corresponding
reductions of profitability; (9) cost and availability of diesel
fuel and fuel surcharges; (10) cost and availability of insurance
coverage and claims expenses and other expense volatility,
including for personal injury, cargo loss and damage, workers’
compensation, employment and group health plan claims; (11) failure
to successfully execute the strategy to expand our service
geography; (12) costs and liabilities from the disruption in or
failure of our technology or equipment essential to our operations,
including as a result of cyber incidents, security breaches,
malware or ransomware attacks; (13) failure to keep pace with
technological developments; (14) labor relations, including the
adverse impact should a portion of our workforce become unionized;
(15) cost, availability and resale value of real property and
revenue equipment; (16) supply chain disruption and delays on new
equipment delivery; (17) capacity and highway infrastructure
constraints; (18) risks arising from international business
operations and relationships; (19) seasonal factors, harsh weather
and disasters caused by climate change; (20) economic declines in
the geographic regions or industries in which our customers
operate; (21) the creditworthiness of our customers and their
ability to pay for services; (22) our need for capital and
uncertainty of the credit markets; (23) the possibility of defaults
under our debt agreements, including violation of financial
covenants; (24) inaccuracies and changes to estimates and
assumptions used in preparing our financial statements; (25)
failure to operate and grow acquired businesses in a manner that
support the value allocated to acquired businesses; (26) dependence
on key employees; (27) employee turnover from changes to
compensation and benefits or market factors; (28) increased costs
of healthcare benefits; (29) damage to our reputation from adverse
publicity, including from the use of or impact from social media;
(30) failure to make future acquisitions or to achieve acquisition
synergies; (31) the effect of litigation and class action lawsuits
arising from the operation of our business, including the
possibility of claims or judgments in excess of our insurance
coverages or that result in increases in the cost of insurance
coverage or that preclude us from obtaining adequate insurance
coverage in the future; (32) the potential of higher corporate
taxes and new regulations, including with respect to climate
change, employment and labor law, healthcare and securities
regulation; (33) the effect of governmental regulations, including
hours of service and licensing compliance for drivers, engine
emissions, the Compliance, Safety, Accountability (CSA) initiative,
regulations of the Food and Drug Administration and Homeland
Security, and healthcare and environmental regulations; (34)
unforeseen costs from new and existing data privacy laws; (35)
changes in accounting and financial standards or practices; (36)
widespread outbreak of an illness or any other communicable
disease, including the COVID-19 pandemic; (37) international
conflicts and geopolitical instability; (38) increasing investor
and customer sensitivity to social and sustainability issues,
including climate change; (39) provisions in our governing
documents and Delaware law that may have anti-takeover effects;
(40) issuances of equity that would dilute stock ownership; (41)
weakness, disruption or loss of confidence in financial or credit
markets; and (42) other financial, operational and legal risks and
uncertainties detailed from time to time in the Company’s SEC
filings.
As a result of these and other factors, no
assurance can be given as to our future results and achievements.
Accordingly, a forward-looking statement is neither a prediction
nor a guarantee of future events or circumstances and those future
events or circumstances may not occur. You should not place undue
reliance on the forward-looking statements, which speak only as of
the date of this news release. We are under no obligation, and we
expressly disclaim any obligation, to update or alter any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as otherwise required by
law.
CONTACT: Saia,
Inc. |
|
Douglas
Col |
|
Executive Vice President and Chief Financial Officer |
|
Investors@saia.com |
Saia (NASDAQ:SAIA)
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Saia (NASDAQ:SAIA)
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