Yellow Corp. freight company winds down its business seeking bankruptcy protection, leaving 30,000 without work

Yellow-Truck-Freight YRC Freight (Yellow Trucking) located at 8000 SW 15th in Oklahoma City, Okla. on Tuesday, Aug. 1, 2023. © CHRIS LANDSBERGER

Revelations 13:16-18 “Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666.”

Important Takeaways:

  • Bankruptcy becomes official for Yellow freight company; trucking firm going out of business
  • U.S. trucking giant Yellow Corp. has announced that it has declared bankruptcy following a tense standoff with the Teamsters Union and after a massive pandemic-era federal loan failed to stave off the company’s mounting debt.
  • The freight company based in Nashville, Tennessee, which employs about 30,000 workers, said in a news release on Sunday that it was seeking bankruptcy protection so it can wind down its business in an “orderly” way. The Chapter 11 petition was filed in federal bankruptcy court in Delaware.
  • While a Chapter 11 filing is used to restructure debt while operations continue, Yellow will liquidate and the U.S. will join other creditors unlikely to recover funds extended to the company, according to the Associated Press.
  • A dominant player in the supply chain industry, Yellow became the third-largest small-freight-trucking company in the U.S. with clients that included both big box retailers and small family businesses.
  • But the company had an outstanding debt of about $1.5 billion as of March and has continued to lose customers as its demise appeared imminent.

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