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Struggling truckload carrier Yellow Corp. gains a reprieve from lenders, waiving certain financial targets, and giving the company time to navigate challenges from the Teamsters union and bankruptcy threats.
Yellow Corp., a less-than-truckload carrier, has negotiated a deal with its lenders that absolves it from meeting certain financial targets. In exchange for this leeway, Yellow Corp. has agreed to a series of stipulations, including reporting to a third-party "operational adviser." This agreement gives Yellow Corp. the breathing space it needs to navigate ongoing conflicts with the Teamsters Union and potential bankruptcy threats. The company also sold a terminal in Compton, California, for $80 million as part of its reorganization efforts to pay off over $1.3 billion in loans and right its balance sheet.
Source: WSJ
Yellow Trucking should be targeted
— dahnaad ahshaad (@ahshaad) July 10, 2023
for a financial investigation by the
GOP Congress, & soon to be out of
money, after blowing a $700 Million
taxpayer backed loan from former
president donald trump in 2019, not
a peep from crime fighter mccarthy pic.twitter.com/dfHGNgBOEP
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