Yellow Corp filed for Chapter 11 bankruptcy protection and said it would wind down, after struggling with a mounting debt load and following tense contract negotiations with the Teamsters Union. U.S. trucking firm Yellow files for bankruptcy:
-U.S. trucking firm Yellow Corp filed for Chapter 11 bankruptcy protection on Sunday and said it would wind down, after struggling with a mounting debt load and following tense contract negotiations with the Teamsters Union.
Its clients include large retailers such as Walmart and Home Depot, manufacturers and Uber Freight. Some companies had paused shipments to Yellow on fears they could be lost or stranded if the trucking firm went bankrupt. Yellow, formerly called YRC Worldwide, in a Delaware court estimated assets and liabilities of $1 billion to $10 billion, with more than 100,000 creditors.
"This leaves the taxpayer the last creditor to get repaid," said the authors of a Congressional Oversight Commission report issued in June. Yellow has been in contentious negotiations with the union over an internal restructuring initiative meant to boost efficiency. It recently averted a strike by 22,000 Teamsters-represented workers.The union has previously said the company had mismanaged itself despite worker concessions and a federal bailout. A representative for the Teamsters was not immediately available for comment on Monday.
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