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Less-than-truckload carrier Yellow Corp. faces a financial crisis, potentially running out of cash by August. The Teamsters union, citing past mismanagement, refuses another bailout.
Yellow Corp., the less-than-truckload carrier, is reported to be out of cash by August, unless a proposed change of operations gets approved. However, the Teamsters union, asserting years of company mismanagement, refuses to bail out Yellow again. Yellow had previously received billions from the union and a $700 million COVID-relief loan from the government. The proposed changes would allow Yellow to expand purchased transportation and alter work rules, which the union claims violate the current contract.
Source: FreightWaves
Teamsters brass said that less-than-truckload carrier Yellow Corp. informed them it will be out of money by August if a proposed change of operations isn’t approved. The union says Yellow has been mismanaged for years and vows to not bail it out again.https://t.co/Cx28ncjNPv
— FreightWaves (@FreightWaves) June 13, 2023
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