Trucking 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. The Chapter 11 bankruptcy, which was filed Sunday, comes just three years after Yellow received $700 million in pandemic-era loans from the federal government. While a Chapter 11 filing is used to restructure debt while operations continue, Yellow, like other trucking companies in recent years, will liquidate and the U.S.
The Chapter 11 bankruptcy, which was filed Sunday, comes just three years after Yellow received $700 million in pandemic-era loans from the federal government. While a Chapter 11 filing is used to restructure debt while operations continue, Yellow, like other trucking companies in recent years, will liquidate and the U.S. will join other creditors unlikely to recover funds extended to the company.
Stephenson, 61, said union workers had made several concessions over the years, including cuts to wages and pensions. “It is with profound disappointment that Yellow announces that it is closing after nearly 100 years in business,” CEO Darren Hawkins said in a news release late Sunday. “For generations, Yellow provided hundreds of thousands of Americans with solid, good-paying jobs and fulfilling careers.”
The Wall Street Journal and FreightWaves reported in late July that the bankruptcy was coming — noting that customers had already started to leave the carrier in large numbers and that the company had stopped freight pickups.
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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.
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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.
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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.
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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.
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