U.S. Trucking Giant Yellow Corp Files for Bankruptcy

Cash-strapped U.S. trucking company Yellow Corp, previously known as YRC Worldwide, has ceased operations and is filing for bankruptcy, according to a statement from the Teamsters Union. Despite receiving significant concessions from workers and bailout funding from the federal government, the company struggled to manage itself effectively. It failed to reorganize and refinance its debt of over a billion dollars. As the third-largest U.S. trucker specializing in less-than-truckload shipments, Yellow served customers such as Walmart, Home Depot, manufacturers, and Uber Freight. Some customers halted cargo shipments to the company for fear of potential losses or delays if the carrier went bankrupt. The company had blamed the Teamsters Union for obstructing restructuring and modernization efforts, critical for its survival and ability to refinance its $1.3 billion debt due by 2024.