Apollo leads bankruptcy loan deal for trucking company Yellow, Bloomberg says

Creditors led by Apollo Global Management (APO) are nearing a deal to provide Yellow Corp. with fresh cash during a coming bankruptcy, Bloomberg News’ Reshmi Basu, Rachel Butt, and Jeremy Hill report, citing people familiar with the matter. The investing giant is finalizing a deal to lead a debtor-in-possession, or DIP, financing for the imperiled trucking company, said the people. Apollo is well-positioned to provide the financing because it owns most of one of Yellow’s term loans, the people added. Shares of several publicly traded companies in space, including Knight-Swift Transportation (KNX), J.B. Hunt (JBHT), Werner Enterprises (WERN), Landstar System (LSTR), Old Dominion Freight Line (ODFL), have moved into negative territory following the news.