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Yellow Corp. defers contributions, risking a Teamsters strike. The move is an attempt to conserve liquidity while securing additional financing.
Yellow Corp., a truckload carrier, may face a potential strike by its Teamsters workforce as the company has deferred its required contributions for June and July, to preserve liquidity while seeking additional financing. The deferrals, worth approximately $50 million, impact pension and healthcare payments for workers covered by Central States Funds. Despite possessing over $100 million in cash, Yellow’s attempt to defer payments is causing unrest among its workers and may lead to a strike if payments aren't made promptly.
Source: FreightWaves
I think the chances of an agreement between UPS and the Teamsters is far more likely than one between Yellow and the Teamsters.
— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) July 19, 2023
The Teamsters need UPS as much as UPS needs the Teamsters. Unfortunately, it looks like the Teamsters have already written Yellow off.
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