How is Yellow Freight doing financially?
In May, Yellow reported a loss of $54.6 million, a decline of $1.06 per share, for its first quarter of 2023. Operating revenue was about $1.16 billion in the period.
Is YRC in financial trouble?
Yellow, formerly YRC Worldwide, was an iconic presence on America's highways for generations until its sudden shuttering in July. Six months and a Chapter 11 filing later, it's clear that there are many shades of Yellow. Some see the yellow of a fading sunset, while others see the bright yellow of a new beginning.
Is there any hope for yellow freight?
“I highly doubt that Yellow will come back,” said Kevin Day, president of less-than-truckload at shipping logistics company AFS logistics. “They would be starting with zero shipments — all those customers are in the process of finding a permanent home.”
What is the current status of yellow freight?
Yellow said in its bankruptcy filing it had $2.15 billion in assets and $2.59 billion in debt, and blamed its collapse on a labor dispute with the Teamsters union. It terminated about 22,000 union-represented drivers when it went bankrupt.
What are the financial issues with Yellow trucking?
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. In 2020, under the Trump administration, the Treasury Department granted the company a $700 million pandemic-era loan on national security grounds.
Will Yellow Freight go out of business?
Bankruptcy becomes official for Yellow freight company; trucking firm going out of business. U.S. trucking giant Yellow Corp. has announced that it has declared bankruptcy following a tense standoff with the Teamsters Union and after a massive pandemic-era federal loan failed to stave off the company's mounting debt.
Is Yellow logistics going out of business?
The Nashville-based logistics provider announced Sunday it had filed for Chapter 11 relief in the US Bankruptcy Court for the district of Delaware. “It is with profound disappointment that Yellow announces that it is closing after nearly 100 years in business,” CEO Darren Hawkins said in a statement.
Is anyone buying Yellow Freight?
XPO's successful bid was part of a court-supervised auction that saw nearly two dozen companies, including Estes Express Lines and Knight-Swift Transportation Holdings (KNX. N) , opens new tab, win rights to purchase Yellow's assets for $1.88 billion, as per a court filing on Monday.
Will Yellow Freight retirees lose their pensions?
Yellow members who qualify for a benefit will still be entitled to a pension at the same level of benefits that Yellow participated in the Pension Fund and will not be affected by Yellow ceasing operations. As of July 23, 2023, active members will stop earning additional pension benefit accruals.
Is Yellow Freight laying off employees?
The embattled US trucking company Yellow ceased operations on Sunday, and it has laid off all 30,000 of its workers.
Is Yellow Freight going to reopen?
In a letter, Yellow's management said an effort to buy the company and revive its operations by an executive from a different trucking firm was “not viable.”
Is Yellow Freight selling their trucks?
Yellow Corp. will liquidate its equipment with the help of Ritchie Bros. Auctioneers and Nations Capital. A federal bankruptcy court approved an agreement last month for the auctioneers to sell the shuttered company's roughly 60,000 trucks, trailers and other rolling stock.
How many trucks does Yellow Freight have?
Yellow owned around 12,700 tractors and 42,000 trailers at the end of the second quarter of 2023, according to company documents. In April 2022, Yellow said it had replaced nearly a third of its older over-the-road longhaul trucking fleet, which it called the “backbone” of its delivery operations.
Is Yellow freight in debt?
The $1.3 billion in debt that Yellow had coming due this year included the $700 million loan it received in 2020 under the CARES Act, which authorized the Treasury Department to make loans to companies that were "critical to maintaining national security" during the Covid-19 pandemic.
What was the downfall of Yellow?
Debt and Financial Struggles: Yellow's downfall began with several costly acquisitions in the early 2000s. The company failed to integrate these acquisitions fully, leading to hundreds of millions of dollars in debt.
Who are Yellow trucking biggest customers?
Its customers include large retailers such as Walmart and Home Depot, manufacturers and Uber Freight.
What is happening with Yellow Trucking company?
End of an era in trucking
trucks sit idle at a company facility on July 31, 2023 in Hayward, California. Nashville-based Yellow is closing its doors on the verge of bankruptcy after years of financial struggle. The closure will cost 30,000 jobs, including those of 22,000 Teamsters union members.
Is Yellow freight closing terminals?
The Company is shutting down its regular operations on July 28, 2023, closing and/or laying off employees at all of its locations, including yours (the 'Shut Down').”
Is YRC profitable?
This statistic depicts the operating revenue of Yellow Corporation, formerly YRC Worldwide, from the fiscal year of 2012 to the fiscal year of 2021. In 2021, the Kansas-based freight trucking company reported an operating revenue of just over 5.1 billion U.S. dollars.
Why is Yellow Freight stock dropping?
Yellow (NASDAQ:YELL) stock is dropping on Monday after the U.S. trucking company finally filed for bankruptcy after reports last month claimed it would do so. A press release from the company notes it filed for bankruptcy in the U.S. Bankruptcy Court for the District of Delaware.
Who is YRC merging with?
LTL carrier Yellow Corp. said late Wednesday that it plans to consolidate the operations of its New Penn and Holland regional carriers with its YRC Freight national network as part of a multiyear plan to build a super-regional carrier providing one- to two-day deliveries across the nation.
Did Yellow buy Saia?
In 1987, the Saia family sold the company to Preston Trucking. When Yellow Corporation purchased Preston in 1993, it also acquired Saia. Two years later, Saia merged with Smalley Transportation, another Yellow division, and opened terminals in North and South Carolina and western Texas.
Is XPO buying Yellow?
Less-than-truckload carrier XPO announced Wednesday it has begun opening the service centers it acquired from bankrupt Yellow Corp.
Who is buying yellow freight in USA?
Trucking Firm XPO to Buy Bankrupt Yellow's Service Centers for $870 Million. Dec. 5, 2023, at 8:42 a.m.
Why are yellow freight drivers losing their pensions?
Yellow's management has failed to reach an agreement with the union and the company has suspended its payments to the funds. They are blaming the union and its failure to reach an agreement. They still have over $100 million in assets.
