“Today’s news is unfortunate but not surprising. 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,” Teamsters general president Sean O’Brien said in a statement. “This is a sad day for workers and the American freight industry.
When reached by The Associated Press, Yellow did not comment directly to the bankruptcy reports, but addressed the negotiations. In a statement, a company official said the Teamsters “refused to negotiate for nine months” and accused the union of trying to “destroy” Yellow.According to Satish Jindel, president of transportation and logistics firm SJ Consulting, Yellow handled an average of 49,000 shipments per day in 2022.
Even if Yellow was able to sell its logistics firm, it would “not generate a sufficient amount of cash to keep them operational on any sort of permanent basis,” Chan said. “Without a major equity injection, it would be very difficult for them to survive.” The Teamsters supported the $700 million loan when it was first announced. As of June 30, Yellow had paid $67 million in cash interest on the loan, which is due in 2024, the company said.
While the strike didn’t occur, talks of a walkout may have caused some Yellow customers to pull back, Chan said. “The financial struggles of Yellow are not related to the union and the contracts,” Jindel said, pointing to management’s responsibility around its services and prices. He added the union wages from Yellow are “lower than any competitor.”
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