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Yellow Corp. has sparked a bidding war between investment firms and a rival trucking company interested in funding the now-shuttered company’s liquidation.

Yellow Corp. on Aug. 7 announced it was seeking Chapter 11 bankruptcy protection and entering into an agreement that would secure sufficient financing to wind down operations.

Less-than-truckload carrier Yellow Corp.'s ceasing of operations on July 30 after nearly 100 years in business is causing an upheaval for both its customers and the broader LTL market.

Creditors led by Apollo Global Management Inc. are nearing a deal to provide Yellow Corp. with fresh cash during a coming bankruptcy, according to people with knowledge of the matter.

Less-than-truckload company Yellow shut down operations, ending a nearly 100-year history as one of the nation’s largest carriers, and the company began posting notices at terminals.

Yellow Corp. says it is shopping its third-party logistics broker, Yellow Logistics, to raise cash as the less-than-truckload company attempts to remain in business.

Less-than-truckload carrier Yellow Corp. said it continues to negotiate with union leaders as the future of the company, which has been in operation for nearly 100 years, may be in jeopardy.

An agreement between the Teamsters and Central States Funds averts, for now, a strike that could have begun as soon as July 24 against Yellow Corp.

Yellow Corp. will not have to meet certain financial targets under a deal with its lenders, winning valuable breathing space as it battles the Teamsters union and the threat of bankruptcy.

Yellow Corp. filed suit June 27 against the Teamsters union and certain affiliates alleging breach of contract and accusing the union of causing more than $137 million in damages.