Trucking company Yellow received court approval to sell most of its truck terminals in the United States and Canada for about $1.88 billion, a price that’s about 45% higher than the first bid submitted earlier this year.

U.S. Bankruptcy Court Judge Craig Goldblatt approved sales agreements on Tuesday that Yellow forged with a group of 21 buyers for 130 terminals. Yellow will use the proceeds to pay debtors, including BNSF Railway, Michelin North America and Daimler Trucks.

Yellow, based in Nashville, Tennessee, ceased operations in July after financial pressures from mounting debt and disputes with the International Brotherhood of Teamsters union, which represented thousands of Yellow employees. Yellow was one of the largest U.S. trucking companies at the time it filed, and its rivals tried to snatch up Yellow’s customers once it filed for Chapter 11 bankruptcy protection in early August.

Now some of those rivals have acquired Yellow’s real estate. Truckers XPO, Estes Express Lines, Saia Motor Freight Line, Knight-Swift Transportation and R&L Carriers are among the group of buyers for the Yellow terminals. XPO grabbed the largest share with a deal to buy 28 terminals for $870 million.

By generating a final bid of $1.88 billion for 130 terminals with more Yellow property sales to come, “This is obviously a tremendous outcome for the estate,” Judge Goldblatt said during a hearing Tuesday in U.S. Bankruptcy Court in Wilmington, Delaware.

The 130-property portfolio includes several truck terminals that fetched at least $10 million. XPO agreed to buy a 305,828-square-foot terminal in Carlisle, Pennsylvania, for $109.3 million, one of the highest prices that Yellow obtained for a single terminal. Estes agreed to acquire a 21,700-square-foot terminal in Boynton Beach, Florida, for $11.5 million.

Shortly after Yellow filed for bankruptcy in August, Estes submitted a $1.3 billion bid to acquire Yellow’s complete real estate portfolio, which comprises more than 170 terminals in the U.S. and Canada as well as offices and other properties.

Old Dominion Freight Line later outbid Estes with a $1.5 billion offer. But Estes, based in Richmond, Virginia, was later named the court-approved lead bidder in an auction for the portfolio with a $1.525 billion bid.

Yellow isn’t finished selling industrial real estate to raise money to pay off its debts. An auction is still ongoing for about 40 additional truck terminals that still haven’t sold. Yellow's attorneys have not provided a timeline for that auction.

Yellow is also trying to sell its portfolio of leased properties, which includes truck terminals, offices, warehouses and long-term truck parking lots. Some landlords accused Yellow of causing property damage to leased properties and are negotiating with Yellow on how much it should pay for repairs.

A court-sponsored auction for Yellow’s leased properties will resume on Dec. 18, according to Yellow's attorneys. 

Kirkland & Ellis and Pachulski Stang Ziehl & Jones are serving as legal counsel to Yellow. Ducera Partners is Yellow’s investment banker.