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Yellow Corp. plans to sell Yellow Logistics Inc. amidst unresolved labor disputes and financial troubles. Potential bankruptcy looms as negotiations stall.
Yellow Corp. announced plans to sell its logistics unit, Yellow Logistics Inc., while concurrently struggling to negotiate with unions representing its less-than-truckload carrier segment. While no details about potential buyers or the unit's revenue were disclosed, it has been highlighted as one of the fastest-growing 3PLs in the industry. Meanwhile, ongoing labor disputes threaten Yellow Corp.'s financial stability, as it faces debt restructuring requirements and allegations of deliberately withholding contribution payments for employee benefits. These issues, alongside a potential strike, have raised concerns about the company's potential bankruptcy.
Source: FreightWaves
Yellow Logistics, a Third-Party Logistics Broker and Subsidiary of Yellow Corporation, Flourishes as Shippers and Vendors Turn to 3PL Logistics Providers$yell will sell it to pay the debts
— Dean (@Dean13151) July 27, 2023
Key trends in freight and shipping market of June 2023, with insights into spot market, carrier capacity, LTL sector and cross-border shipping.
Publicly trader transportation companies: Ryder, Landstar, and Old Dominion report Q2 2023 earnings.
Less-than-truckload carrier, Yellow Corp., has filed a $137 million lawsuit against the Teamsters union amid a severe financial crisis.
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.
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