Logistics Management reported that on July 11th “Yellow was ‘on verge of closing’ but wins concessions from lenders.” Its primary operation is YRC Freight, based in the Kansas City area, and operates the third largest less-than-truckload (LTL) network in North America.
The report states that “Yellow Corp., after decades of losses in excess of $1 billion and debt of $1.3 billion, received a little late financial breathing room as the venerable 99-year-old trucking company tries to survive.”
Its YRC Freight is a leading transporter of industrial, commercial, and retail goods, specializing in solutions for businesses across North America through a full-service network, advanced information technologies, and highly rated customer service.
Yellow won some easing of financial requirements from lenders as it tries to lower its debt while obtaining Teamsters’ permission in a change of operations to its “One Yellow” super-regional trucking operation.
In a June 27th news release, Yellow said, “Yellow Corporation files a $137+ million lawsuit against the International Brotherhood of Teamsters alleging breach of contract in blocking efforts to modernize ‘this’ century-old company, and that union leadership’s ‘Militant Approach’ risks tens of thousands of jobs and taxpayers’ investment in ‘the’ company.”