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

  • 📰 CBSNews
  • ⏱ Reading Time:
  • 50 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 68%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Yellow, a nearly 100-year-old trucking company that received a $700 million bailout during the pandemic, has filed for bankruptcy amid fruitless union negotiations and over $1 billion in debt.

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

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 87. in MY
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

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

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 »