Trucking giant Yellow Corp. declares bankruptcy after years of financial struggles
Trucking company Yellow Corp. has declared bankruptcy after years of financial struggles and growing debt NEW YORK -- Trucking company Yellow Corp. has declared bankruptcy after years of financial struggles and growing debt, marking a significant shift for the U.S. transportation industry and shippers nationwide. The Chapter 11 bankruptcy, which was filed Sunday, comes just three years after Yellow received $700 million in pandemic-era loans from the federal government. While a Chapter 11 filing is used to restructure debt while operations continue, Yellow, like other trucking companies in recent years, will liquidate and the U.S. will join other creditors unlikely to recover funds extended to the company. Yellow fell into severe financial stress after a long stretch of poor management and strategic decisions dating back decades. In 2019 two trucking companies, Celadon and New England Motor Freight, file for bankruptcy protection and liquidated. Former Yellow customers and shippers may...
