SC 13D/A 1 d531545dsc13da.htm SC 13D/A SC 13D/A

CUSIP No. 985510106

 

 

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

SCHEDULE 13D

(Rule 13d-101)

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)*

 

 

Yellow Corporation

(Name of Issuer)

Common Stock, $0.01 par value per share

(Title of Class of Securities)

985510106

(CUSIP Number)

MFN Partners Management, LP

222 Berkeley Street, 13th Floor

Boston, MA 02116

Attn: Jonathan Reisman

Tel: (617) 443-2040

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

August 23, 2023

(Date of Event Which Requires Filing of This Statement)

 

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box.  ☐

 

 

*

The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 


CUSIP No. 985510106

 

  1.    

  NAME OF REPORTING PERSON

 

  MFN Partners, LP

 

  I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) (VOLUNTARY)

  2.  

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

  (a)  ☐        (b)  ☐

 

  3.  

  SEC USE ONLY

 

  4.  

  SOURCE OF FUNDS

 

  WC

  5.  

  CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)

 

  ☐

  6.  

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  Delaware

NUMBER OF

SHARES

 BENEFICIALLY 

OWNED BY

EACH

REPORTING

PERSON

WITH

 

     7.    

  SOLE VOTING POWER

 

  0

     8.  

  SHARED VOTING POWER

 

  22,067,795

     9.  

  SOLE DISPOSITIVE POWER

 

  0

   10.  

  SHARED DISPOSITIVE POWER

 

  22,067,795

11.    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  22,067,795

12.  

  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

  ☐

13.  

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

  42.3% (1)

14.  

  TYPE OF REPORTING PERSON

 

  PN

 

(1)

Based on 52,128,887 shares of Common Stock outstanding as of July 28, 2023, as reported in the Issuer’s Report on Form 10-Q for the period ended June 30, 2023 filed with the Securities and Exchange Commission on August 14, 2023.

 

2


CUSIP No. 985510106

 

  1.    

  NAME OF REPORTING PERSON

 

  MFN Partners GP, LLC

 

  I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) (VOLUNTARY)

  2.  

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

  (a)  ☐        (b)  ☐

 

  3.  

  SEC USE ONLY

 

  4.  

  SOURCE OF FUNDS

 

  AF

  5.  

  CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)

 

  ☐

  6.  

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  Delaware

NUMBER OF

SHARES

 BENEFICIALLY 

OWNED BY

EACH

REPORTING

PERSON

WITH

 

     7.    

  SOLE VOTING POWER

 

  0

     8.  

  SHARED VOTING POWER

 

  22,067,795

     9.  

  SOLE DISPOSITIVE POWER

 

  0

   10.  

  SHARED DISPOSITIVE POWER

 

  22,067,795

11.    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  22,067,795

12.  

  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

  ☐

13.  

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

  42.3% (1)

14.  

  TYPE OF REPORTING PERSON

 

  OO

 

(1)

Based on 52,128,887 shares of Common Stock outstanding as of July 28, 2023, as reported in the Issuer’s Report on Form 10-Q for the period ended June 30, 2023 filed with the Securities and Exchange Commission on August 14, 2023.

 

3


CUSIP No. 985510106

 

  1.    

  NAME OF REPORTING PERSON

 

  MFN Partners Management, LP

 

  I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) (VOLUNTARY)

  2.  

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

  (a)  ☐        (b)  ☐

 

  3.  

  SEC USE ONLY

 

  4.  

  SOURCE OF FUNDS

 

  AF

  5.  

  CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)

 

  ☐

  6.  

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  Delaware

NUMBER OF

SHARES

 BENEFICIALLY 

OWNED BY

EACH

REPORTING

PERSON

WITH

 

     7.    

  SOLE VOTING POWER

 

  0

     8.  

  SHARED VOTING POWER

 

  22,067,795

     9.  

  SOLE DISPOSITIVE POWER

 

  0

   10.  

  SHARED DISPOSITIVE POWER

 

  22,067,795

11.    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  22,067,795

12.  

  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

  ☐

13.  

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

  42.3% (1)

14.  

  TYPE OF REPORTING PERSON

 

  IA, PN

 

(1)

Based on 52,128,887 shares of Common Stock outstanding as of July 28, 2023, as reported in the Issuer’s Report on Form 10-Q for the period ended June 30, 2023 filed with the Securities and Exchange Commission on August 14, 2023.

 

4


CUSIP No. 985510106

 

  1.    

  NAME OF REPORTING PERSON

 

  MFN Partners Management, LLC

 

  I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) (VOLUNTARY)

  2.  

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

  (a)  ☐        (b)  ☐

 

  3.  

  SEC USE ONLY

 

  4.  

  SOURCE OF FUNDS

 

  AF

  5.  

  CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)

 

  ☐

  6.  

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  Delaware

NUMBER OF

SHARES

 BENEFICIALLY 

OWNED BY

EACH

REPORTING

PERSON

WITH

 

     7.    

  SOLE VOTING POWER

 

  0

     8.  

  SHARED VOTING POWER

 

  22,067,795

     9.  

  SOLE DISPOSITIVE POWER

 

  0

   10.  

  SHARED DISPOSITIVE POWER

 

  22,067,795

11.    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  22,067,795

12.  

  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

  ☐

13.  

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

  42.3% (1)

14.  

  TYPE OF REPORTING PERSON

 

  OO

 

(1)

Based on 52,128,887 shares of Common Stock outstanding as of July 28, 2023, as reported in the Issuer’s Report on Form 10-Q for the period ended June 30, 2023 filed with the Securities and Exchange Commission on August 14, 2023.

 

5


CUSIP No. 985510106

 

  1.    

  NAME OF REPORTING PERSON

 

  Michael F. DeMichele

 

  I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) (VOLUNTARY)

  2.  

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

  (a)  ☐        (b)  ☐

 

  3.  

  SEC USE ONLY

 

  4.  

  SOURCE OF FUNDS

 

  AF

  5.  

  CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)

 

  ☐

  6.  

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  United States

NUMBER OF

SHARES

 BENEFICIALLY 

OWNED BY

EACH

REPORTING

PERSON

WITH

 

     7.    

  SOLE VOTING POWER

 

  0

     8.  

  SHARED VOTING POWER

 

  22,067,795

     9.  

  SOLE DISPOSITIVE POWER

 

  0

   10.  

  SHARED DISPOSITIVE POWER

 

  22,067,795

11.    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  22,067,795

12.  

  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

  ☐

13.  

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

  42.3% (1)

14.  

  TYPE OF REPORTING PERSON

 

  IN

 

(1)

Based on 52,128,887 shares of Common Stock outstanding as of July 28, 2023, as reported in the Issuer’s Report on Form 10-Q for the period ended June 30, 2023 filed with the Securities and Exchange Commission on August 14, 2023.

 

6


CUSIP No. 985510106

 

  1.    

  NAME OF REPORTING PERSON

 

  Farhad Nanji

 

  I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) (VOLUNTARY)

  2.  

  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

  (a)  ☐        (b)  ☐

 

  3.  

  SEC USE ONLY

 

  4.  

  SOURCE OF FUNDS

 

  AF

  5.  

  CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)

 

  ☐

  6.  

  CITIZENSHIP OR PLACE OF ORGANIZATION

 

  Canada

NUMBER OF

SHARES

 BENEFICIALLY 

OWNED BY

EACH

REPORTING

PERSON

WITH

 

     7.    

  SOLE VOTING POWER

 

  0

     8.  

  SHARED VOTING POWER

 

  22,067,795

     9.  

  SOLE DISPOSITIVE POWER

 

  0

   10.  

  SHARED DISPOSITIVE POWER

 

  22,067,795

11.    

  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

  22,067,795

12.  

  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

  ☐

13.  

  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

  42.3% (1)

14.  

  TYPE OF REPORTING PERSON

 

  IN

 

(1)

Based on 52,128,887 shares of Common Stock outstanding as of July 28, 2023, as reported in the Issuer’s Report on Form 10-Q for the period ended June 30, 2023 filed with the Securities and Exchange Commission on August 14, 2023.

 

7


CUSIP No. 985510106

 

AMENDMENT NO. 3 TO SCHEDULE 13D

This Amendment No. 3 (the “Amendment”) amends the Schedule 13D filed by the Reporting Persons on July 31, 2023, as amended and restated by Amendment No. 1 to Schedule 13D filed by the Reporting Persons on August 1, 2023, and as amended and supplemented by Amendment No. 2 to Schedule 13D filed by the Reporting Persons on August 22, 2023 (the “Original Schedule 13D” and, as amended and supplemented by this Amendment, the “Schedule 13D”), with respect to the Common Stock of the Issuer. Capitalized terms used in this Amendment and not otherwise defined shall have the same meanings ascribed to them in the Original Schedule 13D.

 

Item 4.

Purpose of Transaction.

Item 4 of the Original Schedule 13D is hereby amended and supplemented by adding the following:

On August 23, 2023, MFN Management sent a letter to the Issuer requesting that the Issuer fill the two vacancies on its board of directors (the “Board”) by appointing two new directors who possess deep and relevant experience in structuring, implementing, and/or overseeing value-maximizing transactions in special situations to the Board. MFN Management has suggested one such qualified individual to fill one vacancy and intends to suggest a second individual in the near future to fill the other vacancy. MFN Management also requested that the Issuer consider and implement a key employee incentive and retention program. Additionally, on August 23, 2023 the Reporting Persons sent a letter to the Office of the United State Trustee for the District of Delaware (the “U.S. Trustee”) requesting that the U.S. Trustee appoint an official committee of equity security holders pursuant to section 1102(a)(1) of the title 11 of the United States Code.

SIGNATURES

After reasonable inquiry and to the best of their knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct.

Dated: August 25, 2023

 

MFN PARTNERS, LP
By:   /s/ Jonathan Reisman
Name:   Jonathan Reisman
Title:   Authorized Person
MFN PARTNERS GP, LLC
By:   /s/ Jonathan Reisman
Name:   Jonathan Reisman
Title:   Authorized Person
MFN PARTNERS MANAGEMENT, LP
By:   /s/ Jonathan Reisman
Name:   Jonathan Reisman
Title:   Authorized Person
MFN PARTNERS MANAGEMENT, LLC
By:   /s/ Jonathan Reisman
Name:   Jonathan Reisman
Title:   Authorized Person
FARHAD NANJI
/s/ Farhad Nanji
Farhad Nanji, individually

 

8


CUSIP No. 985510106

 

MICHAEL F. DEMICHELE
/s/ Michael F. DeMichele
Michael F. DeMichele, individually

 

9