Cash-strapped U.S. trucking company Yellow Corp has ceased operations and is filing for bankruptcy after failing to reorganize and refinance over a billion dollars in debt. Trucking giant Yellow shuts down, will file for bankruptcy:
- Cash-strapped U.S. trucking company Yellow Corp has ceased operations and is filing for bankruptcy after failing to reorganize and refinance over a billion dollars in debt, the Teamsters Union said on Sunday.Earlier this month Yellow averted a threatened strike by 22,000 Teamsters-represented workers and last week it said it was exploring opportunities to divest its third-party logistics company.
The company was the third-biggest U.S. trucker specializing in the less-than-truckload segment that combines shipments from different customers in the same trailer. The company said in June that the Teamsters Union was blocking restructuring and modernization efforts, collectively known as "One Yellow", which it said were critical for Yellow's survival and ability to refinance about $1.3 billion of debt due to be repaid by 2024.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trucking company Yellow shuts its doors amid Teamsters union stalemateOne of the nation's largest trucking companies has announced its abrupt closure, coming as an apparent shock to employees amid ongoing union worker negotiations.
Read more »
Trucking giant Yellow shuts down on verge of bankruptcy, Teamsters sayOne of the country’s largest freight haulers is shutting down and on the verge of bankruptcy, dragged down by years of ballooning debt and a sudden loss of business. Yellow employs some 30,000 people, including 22,000 Teamsters.
Read more »
US trucking giant Yellow shutting down operations amid standoff with Teamsters unionThe U.S. Yellow Corporation shut down Sunday after more than 100 years in operation following years of financial struggles and the threat of a Teamsters strike.
Read more »
Some Rank-and-File Teamsters Plan to Vote “No” on Tentative Deal With UPSWhile many important gains were made in the deal, some key demands remain unmet, including starting pay for part-timers.
Read more »
WSJ News Exclusive | Trucking Giant Yellow Shuts Down OperationsBreaking: Trucking giant Yellow has shut down. The 99-year-old company, which has 22,000 Teamsters employees, was wrecked by mergers and debt.
Read more »
Yellow is shutting down and headed for bankruptcy, the Teamsters Union says. Here’s what to knowIn an announcement early Monday, the Teamsters said that the union received legal notice confirming Yellow was ceasing operations and filing for bankruptcy.
Read more »