US trucking firm Yellow filed for bankruptcy, accusing the Teamsters Union of 'driving it out of business.' The union accused the company of mismanaging a $700 million federal loan
financing that will keep Yellow afloat during the restructuring and move it to the front of the line for repayment.
Yellow also has a roughly $450 million secured revolving loan from a syndicate of banks arranged by Citizens Bank, Merrill Lynch and others that expires in January 2024. "This leaves the taxpayer the last creditor to get repaid," said the authors of a congressional report in June.a strike by 22,000 Teamsters-represented workers by agreeing to pay more than $50 million it owed in worker benefits and pension accruals. The company's business evaporated in the days leading up to that deal, according to court documents.
Meanwhile, Yellow employees on Monday filed two lawsuits accusing the company of failing to give the required 60 days notice before firing them. Reporting by Priyamvada C, Juby Babu and Abhijith Ganapavaram in Bengaluru, Dietrich Knauth in New York, and Lisa Baertlein in Los Angeles, additional reporting by Siddharth Cavale and Jonathan Stempel in New York; Editing by Dhanya Ann Thoppil, Varun H K, Sriraj Kalluvila and Alistair BellAbhijith leads a team of reporters who cover aviation, legacy automakers, conglomerates, transportation and travel in the United States.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trucking giant Yellow Corp. declares bankruptcy after years of financial strugglesFormer Yellow customers and shippers will face higher prices as they take their business to competitors, experts say.
Read more »
Trucking giant Yellow Corp. declares bankruptcy after years of financial strugglesIt comes just three years after Yellow received $700 million in pandemic-era loans from the federal government.
Read more »
Trucking giant Yellow Corp. declares bankruptcy after years of financial strugglesTrucking company Yellow Corp. has declared bankruptcy after years of financial struggles and growing debt, marking a significant shift for the U.S. transportation industry and shippers nationwide.
Read more »
Trucking giant Yellow Corp. declares bankruptcy after years of financial strugglesTrucking company Yellow Corp. has declared bankruptcy after years of financial struggles and growing debt, marking a significant shift for the U.S. transportation industry and shippers nationwide.
Read more »
Yellow Corp. Files for Bankruptcy, Leaving 30,000 Workers JoblessYellow Corp., a prominent US trucking company, has filed for bankruptcy, leading to the closure of its 99-year-old business and leaving 30,000 employees unemployed. The Nashville-based logistics provider announced its Chapter 11 filing in the US Bankruptcy Court, expressing deep disappointment over the decision.
Read more »
Yellow Corp., a 99-year-old trucking company, files for bankruptcyYellow Corp., a once-dominant US trucking company, has filed for bankruptcy as it winds down its 99-year-old business that employs 30,000 workers. Yellow Corp., formerly known as Yellow Freight, was one of the dominant carriers in the less-than-truckload (LTL) segment. Along with two other unionized LTL rivals, Roadway and Consolidated Freight, Yellow was part of the Big Three in the industry.
Read more »