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Home/News/Business/Finance/Teamsters notified Yellow filing bankruptcy
FinanceLess than Truckload (LTL)NewsTop StoriesTrucking


TEAMSTERS NOTIFIED YELLOW FILING BANKRUPTCY


NATION’S 3RD-LARGEST LTL SHUTS DOWN

Todd Maiden
· Sunday, July 30, 2023
Yellow Corp. will file bankruptcy according to the International Brotherhood of
Teamsters. (Photo: Jim Allen/FreightWaves)
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The International Brotherhood of Teamsters said late Sunday that it had been
notified that less-than-truckload carrier Yellow Corp. has ceased operations and
will file for bankruptcy. 

“Today’s news is unfortunate but not surprising,” stated Sean O’Brien, Teamsters
general president. “Yellow has historically proven that it could not manage
itself despite billions of dollars in worker concessions and hundreds of
millions in bailout funding from the federal government. This is a sad day for
workers and the American freight industry.”

The 99-year-old company posted signs on locked gates at its terminals at noon on
Sunday, saying it was ceasing all operations. 

After a heated battle with Teamsters over the better part of the past year,
Yellow (NASDAQ: YELL) was unable to push through a proposed change of operations
it said was the linchpin to its survival. A breaking point occurred on July 15
when Yellow missed contractually required payments to Central States Funds, a
multiemployer fund manager overseeing its health, welfare and pension benefits.

The debt-heavy, cash-strapped company had previously asked to defer the payments
with interest, but that request was denied by Central States even though similar
requests had been granted in the past. The company’s delinquent status with the
group would have left employees at operating companies Holland and YRC Freight
without health insurance. However, a last-minute extension provided by the fund
allowed Yellow to avert a planned work stoppage. 

Teamsters announced the same day that it had officially reentered negotiations
with the company for the first time in weeks. 








However, the damage was done. After weeks of customers and brokers pulling
freight from its network over concerns it would ultimately be forced to close,
time ran out on the clock before it could hatch out a contract with the union,
which in turn was expected to produce a lifeline from its lenders.


NO CHANGE OF OPERATIONS, NO MORE YELLOW

The company maintained all along that the Teamsters’ refusal to approve the
change of operations would eventually lead to its closure.

Yellow embarked on a second phase of a multiyear restructuring called “One
Yellow” nine months ago. The plan was to follow similar changes the union
blessed across its western network (Reddaway) last year. Initiatives included
consolidating redundant terminals, increasing the number of utility positions
requiring drivers to move freight on the docks and upping the percentage of
third-party capacity the carrier could use, among other changes.

The goal was to emerge from the overhaul as a super-regional carrier with a
national service platform and a much leaner cost profile. Yellow was also hoping
to use momentum from the turnaround to restructure $1.3 billion in debt that
matures next year.

However, the second phase would involve consolidating operations at regional
carriers New Penn and Holland with its national freight network — roughly 70% of
the network. The proposal received pushback initially, was reworked by Yellow
and then officially rejected by the union.

Months of bad blood and finger-pointing would ensue.



Some hope for a resolution was seen when both parties agreed to pull forward
negotiations on the five-year collective bargaining agreement and negotiate
those issues (including wages) in conjunction with the change of operations
proposal. That plan would be short-lived, however. The Teamsters decided it
would not give any more after years of wages, benefits and work rules
concessions it estimates to be in the billions.

Running out of options, Yellow sued the Teamsters for breach of contract. In the
$137 million lawsuit filed late last month, the company said the union didn’t
have the authority to block the operational changes and that the Teamsters
violated the collective bargaining agreement by backing out of a required
hearing on the matter.

As the months-long back-and-forth continued, Yellow’s financial position
weakened, with the carrier losing market share and booking losses. Its credit
ratings would take another hit as well.

Calls to senators and the White House and last-minute negotiations with
Teamsters would prove fruitless. Yellow’s lenders, which include the U.S.
Treasury, didn’t offer much of a lifeline, only agreeing to temporarily waive
debt covenants.  

The company lost a hearing to block the strike in a federal court earlier this
month, but was ultimately spared the work stoppage when Central States provided
the extension. Legal counsel for Yellow was hopeful more time could save the
carrier. 

“Your Honor, the situation here for Yellow and the stakeholders is binary,” said
Yellow attorney Marc Kasowitz in court on July 21. “If there’s a strike, the
company is gone. If a strike is at least temporarily enjoined … then there’s
some possibility for the company to survive.”



The bankruptcy leaves 30,000 Yellow employees, including 22,000 Teamsters,
without jobs.

More FreightWaves articles by Todd Maiden

 * Yellow ceases operations
 * ArcBest transitions ahead of potential LTL capacity shake-up
 * Yellow shops 3PL unit; negotiations with Teamsters yield nothing





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featuring live demos, industry experts discussing freight market trends for
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Register Now

TeamstersYellow Corp.


33 COMMENTS


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 1. LEONARD ALMARAZ
    
    Monday, August 07, 2023 at 2:18 pm
    
    Does the Warrant Act come into effect for the employees at Yellow, not
    giving their employees a 60 day notice prior to closing their
    doors.Consolidated Freight was sued for this when they closed their doors
    back in 2002
    
    Reply
    


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TODD MAIDEN

Based in Richmond, VA, Todd is the finance editor at FreightWaves. Prior to
joining FreightWaves, he covered the TLs, LTLs, railroads and brokers for RBC
Capital Markets and BB&T Capital Markets. Todd began his career in banking and
finance before moving over to transportation equity research where he provided
stock recommendations for publicly traded transportation companies.
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