Yellow Corp. Financial Crisis; Teamsters Refuse Another Bailout

Less-than-truckload carrier Yellow Corp. faces a financial crisis, potentially running out of cash by August. The Teamsters union, citing past mismanagement, refuses another bailout.

Yellow Corp. Financial Crisis; Teamsters Refuse Another Bailout
Yellow (YRC) is an LTL carrier. Photo: Jim Allen/FreightWaves.

Yellow Corp., the less-than-truckload carrier, is reported to be out of cash by August, unless a proposed change of operations gets approved. However, the Teamsters union, asserting years of company mismanagement, refuses to bail out Yellow again. Yellow had previously received billions from the union and a $700 million COVID-relief loan from the government. The proposed changes would allow Yellow to expand purchased transportation and alter work rules, which the union claims violate the current contract.

Source: FreightWaves

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