Former Yellow customers and shippers will face higher prices as they take their business to competitors, experts say.
reported in late July that the bankruptcy was coming — noting that customers had already started to leave the carrier in large numbers and that the company had stopped freight pickups.
Yellow blamed the nine-month talks for the demise of the company, saying it was unable to institute a new business plan to modernize operations and make it more competitive during that time. Yellow has racked up hefty bills over the years. As of late March, Yellow had an outstanding debt of about $1.5 billion. Of that, $729.2 million was owed to the federal government.
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.”
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trucking company Yellow files for bankruptcy protectionTrucking company Yellow Corp. has declared bankruptcy after years of financial struggles and growing debt
Read more »
Apollo leads deal for trucking firm Yellow's bankruptcy loan - AutoblogYellow is reportedly filing for bankruptcy with Apollo management potentially handling the loan. Yellow is America's third-largest trucking company.
Read more »
US trucking firm Yellow files for bankruptcy after loading up on debtU.S. trucking firm Yellow Corp filed for Chapter 11 bankruptcy protection on Sunday, burdened with a heavy debt load after a series of mergers and following tense contract negotiations with the Teamsters Union.
Read more »
Trucking giant Yellow files for Chapter 11 bankruptcyTrucking giant Yellow filed for Chapter 11 bankruptcy on Sunday, marking the final chapter for the 99-year-old company and the industry’s largest failure.
Read more »
Yellow files for bankruptcy after shutting down | CNN BusinessYellow Corp., a US trucking company that was once dominant in its field, has filed for bankruptcy as it winds down the 99-year-old business.
Read more »
Why is the trucking industry in trouble?Examining the trucking industry's rapid shift from thriving to unstable in just one year, termed a 'freight recession' by industry experts.
Read more »