Yellow Trucking Company Files for Bankruptcy After Receiving $700 Million Pandemic Bailout

during the pandemic, has filed for bankruptcy amid fruitless union negotiations and over $1 billion in debt.

The Chapter 11 protection, filed in U.S. Bankruptcy Court in Delaware on Sunday, comes a week after the beleaguered trucking company — once one of the U.S.' largest transporters of goods — . The company's shutdown will eliminate 30,000 jobs, 22,000 of which are held by members of the International Brotherhood of Teamsters.

"It is with profound disappointment that Yellow announces that it is closing after nearly 100 years in business," Chief Executive Darren Hawkins said in a $700 million government loan during the pandemic, as part of the COVID-19 relief program in 2020. Even so, its financial challenges continued to snowball, leading it to accumulate more than $1 billion in debt.

"Yellow has historically proven that it could not manage itself despite billions of dollars in worker concessions and hundreds of millions in bailout funding from the federal government," said Teamsters General President Sean M. O'Brien in statement

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Apollo leads deal for trucking firm Yellow's bankruptcy loan - AutoblogYellow is reportedly filing for bankruptcy with Apollo management potentially handling the loan. Yellow is America's third-largest trucking company.
Source: therealautoblog - 🏆 528. / 51 Read more »

US trucking firm Yellow files for bankruptcy after loading up on debtU.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.
Source: Reuters - 🏆 2. / 97 Read more »

Trucking giant Yellow files for Chapter 11 bankruptcyTrucking giant Yellow filed for Chapter 11 bankruptcy on Sunday, marking the final chapter for the 99-year-old company and the industry’s largest failure.
Source: washingtonpost - 🏆 95. / 72 Read more »

Trucking company Yellow files for bankruptcy protectionTrucking company Yellow Corp. has declared bankruptcy after years of financial struggles and growing debt
Source: MarketWatch - 🏆 3. / 97 Read more »

Trucking giant Yellow declares bankruptcy after years of financial strugglesTrucking company Yellow Corp. has declared bankruptcy after years of financial struggles and growing debt. It marks a significant shift for the U.S. transportation industry and shippers nationwide.
Source: NBCPhiladelphia - 🏆 569. / 51 Read more »