Posted on Aug 7, 2023
Trucking giant Yellow Corp. declares bankruptcy after years of financial struggles
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https://www.npr.org/2023/08/07/ [login to see] /yellow-corp-declares-bankruptcy
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. But the company was in financial trouble long before that — with industry analysts pointing to poor management and strategic decisions dating back decades.
Former Yellow customers and shippers will face higher prices as they take their business to competitors, including FedEx or ABF Freight, experts say — noting Yellow historically offered the cheapest price points in the industry.
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. But the company was in financial trouble long before that — with industry analysts pointing to poor management and strategic decisions dating back decades.
Former Yellow customers and shippers will face higher prices as they take their business to competitors, including FedEx or ABF Freight, experts say — noting Yellow historically offered the cheapest price points in the industry.
Trucking giant Yellow Corp. declares bankruptcy after years of financial struggles
Posted from npr.org
Overland Park
Bankruptcy
Posted 9 mo ago
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PO1 William "Chip" Nagel good day Brother William, always informational and of the most interesting. Thanks for sharing, have a blessed day!
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PO1 William "Chip" Nagel
"A sign for Yellow Corp. trucking company stands outside its facility Monday, July 31, 2023 in Nashville, Tenn. 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. George Walker IV/AP"...
"A sign for Yellow Corp. trucking company stands outside its facility Monday, July 31, 2023 in Nashville, Tenn. 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. George Walker IV/AP"...
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PO1 William "Chip" Nagel
SGT (Join to see) It Wasn't a Good Sign when they moved Out of their Very Tall HQ Bldg in Overland Park into a Much Smaller Bldg on the Sprint Campus.
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SGT (Join to see)
PO1 William "Chip" Nagel - where I grew up there was a concrete bridge wall about 15 in front of our house(rental). Yellow Freight om the other side of the bridge. It took a while to get use to the trucks coming & going 24;7. I didn't read where they layed off any Company employees... just Union... found the following interesting.
..."In 2020, under the Trump administration, the Treasury Department granted the company a $700 million pandemic-era loan on national security grounds.
A congressional probe recently concluded that the Treasury and Defense departments "made missteps" in the decision and noted that Yellow's "precarious financial position at the time of the loan, and continued struggles, expose taxpayers to a significant risk of loss."
..."In 2020, under the Trump administration, the Treasury Department granted the company a $700 million pandemic-era loan on national security grounds.
A congressional probe recently concluded that the Treasury and Defense departments "made missteps" in the decision and noted that Yellow's "precarious financial position at the time of the loan, and continued struggles, expose taxpayers to a significant risk of loss."
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