{"id":9620,"date":"2023-08-07T04:34:48","date_gmt":"2023-08-07T04:34:48","guid":{"rendered":"https:\/\/isafespend.com\/investing\/us-trucking-firm-yellow-files-for-bankruptcy-after-loading-up-on-debt\/"},"modified":"2023-08-07T04:34:48","modified_gmt":"2023-08-07T04:34:48","slug":"us-trucking-firm-yellow-files-for-bankruptcy-after-loading-up-on-debt","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=9620","title":{"rendered":"US trucking firm Yellow files for bankruptcy after loading up on debt"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: Freight trucks are driven on the Fisher freeway in Detroit, Michigan March 27, 2009. REUTERS\/Rebecca Cook\/File Photo<\/span>
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(Reuters) -U.S. trucking firm Yellow Corp filed for Chapter 11 bankruptcy protection on Sunday, burdened with a heavy debt load after a series of mergers and following tense contract negotiations with the Teamsters Union.<\/p>\n

The bankruptcy filing in a Delaware court lists estimated assets and liabilities of $1 billion to $10 billion and creditors of more than 100,000.<\/p>\n

“It is with profound disappointment that Yellow announces that it is closing after nearly 100 years in business,” Yellow’s CEO, Darren Hawkins <\/span><\/span> (NASDAQ:), said in a statement. <\/p>\n

Yellow, formerly called YRC Worldwide (NASDAQ:), is one of the largest U.S. trucking companies and a dominant player in the “less-than-truckload” (LTL) segment that hauls cargo for multiple customers on a single truck.<\/p>\n

Customers include large retailers such as Walmart (NYSE:) and Home Depot <\/span><\/span> (NYSE:), manufacturers and Uber (NYSE:) Freight. Some have paused shipments to the company on fears they could be lost or stranded if the carrier went bankrupt.<\/p>\n

Yellow’s bankruptcy filing comes after Teamsters Union said late last month that it was notified that the company was ceasing operations.<\/p>\n

The company has been in contentious negotiations with the union over an internal restructuring initiative meant to boost efficiency.<\/p>\n

It recently averted a strike by 22,000 Teamsters-represented workers.<\/p>\n

Before resolving the strike threat, Yellow sued the union in Kansas federal court, seeking to block a strike and saying that union’s refusal to negotiate had pushed the company to the “brink of extinction.”<\/p>\n

The company’s struggles compounded with a steep drop in ecommerce shipments from early pandemic highs and an industrywide decline in freight volumes over the last year.<\/p>\n

Yellow, saddled with liabilities from its purchases of Roadway in 2003 and USF in 2005, reported total debt of $1.5 billion last year, according to Refinitiv data. <\/p>\n

U.S. taxpayers face potential losses if the company does not repay a $700 million-loan the administration of former President Donald Trump issued to bail out the long-troubled and poorly managed trucking firm in 2020 under a pandemic relief program.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: Freight trucks are driven on the Fisher freeway in Detroit, Michigan March 27, 2009. REUTERS\/Rebecca Cook\/File Photo (Reuters) -U.S. trucking firm Yellow Corp filed for Chapter 11 bankruptcy protection on Sunday, burdened with a heavy debt load after a series of mergers and following tense contract negotiations with the Teamsters Union.<\/p>\n","protected":false},"author":1,"featured_media":8124,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-9620","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"\nUS trucking firm Yellow files for bankruptcy after loading up on debt | iSafeSpend<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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