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Pressure grows on US Treasury to salvage trucking giant...
Yellow, formerly known as YRC, is one of the largest so-called less-than-truck load carriers in the U.S. Republican Senator Josh Hawley is the latest lawmaker to ask Treasury to extend the terms of a controversial $700 billion pandemic loan granted by the Trump administration to Yellow.
Convoy trucking startup - hailed as 'Uber for freight' and backed by Bill Gates and Jeff Bezos - ... Convoy, the trucking startup once hailed as 'Uber for freight' and valued as high as $3.8 billion, has shuttered operations due to a sharp decline in demand for shipping. It comes two months after 99-year-old trucking giant Yellow ceased operations and filed for bankruptcy. The freight industry is still feeling the lingering impact of the pandemic, which three years ago sent shipping prices soaring.
America’s logistics boom has turned to bust | Mint Yellow, one of America’s biggest trucking firms, declared bankruptcy and announced it would wind down operations after 99 years in business. Revenues in the logistics industry have now clocked up three consecutive quarter-on-quarter declines.
The rise of the MEGA bankruptcy: 459 US firms have filed for bankruptcy this year - the most since... Some 459 firms filed for bankruptcy so far this year - already more than in 2021 Bed Bath and Beyond, trucking firm Yellow and Silicon Valley Bank among the biggest casualties. Economists warn the rise in large-scale collapses can have devastating consequences on the economy.
Meme Stocks Are Back. Will Retail Investors Ever Learn The Hard Lessons? The Reddit-driven, meme stock trading mania first took off in 2021 with thousands of day traders riding moribund stocks. Tupperware, Rite Aid, and even the bankrupt trucking giant Yellow became the latest, favorite targets.
FedEx quarterly profit likely boosted by rivals' pain Analysts expect Memphis-based FedEx on Wednesday to report higher year-over-year profit. Some worried United Parcel Service customers shifted packages to the FedEx network. FedEx also was in prime position to benefit from last month's demise of Yellow.
Trucking firm Estes Express submits revised $1.525 bln... Trucking firm Estes Express submits revised $1.525 bln bid for Yellow's shipment centers. A stalking horse bid is an initial bid on the assets of a bankrupt company. Yellow halted operations on July 30 and filed for bankruptcy early last month.
Employers added 187,000 jobs in August, unemployment jumps to 3.8% The U.S. economy added 187,000 jobs in August, roughly in line with analysts' expectations. The unemployment rate jumped sharply to 3.8%, from 3.5%. Partially accounting for the high unemployment rate are Hollywood strikes. Trucking company Yellow's bankruptcy also weighed on job gains.
Hedge Fund MFN Partners Trying To Protect Equity Investment In Bankrupt Yellow MFN Partners amassed a more than 40% stake in the now-defunct less-than-truckload carrier during July. The firm has proposed a candidate to fill one of two board seats that were vacated the day Yellow filed for bankruptcy.
MFN Partners trying to protect equity investment in Yellow MFN Partners amassed a more than 40% stake in the now-defunct less-than-truckload carrier during July. The firm said it has proposed a candidate to fill one of two board seats that were vacated the day Yellow filed for bankruptcy.
Bankrupt Trucker Yellow’s Real Estate Is in High Demand | Mint Old Dominion Freight Line last week agreed to buy Yellow’s network of about 170 truck terminals for $1.5 billion. Trucking terminals have become more difficult and expensive to build as companies are squeezed by a shortage of space.
Bankrupt Trucker Yellow’s Real Estate Is in High Demand | Mint Old Dominion Freight Line last week agreed to buy Yellow’s network of about 170 truck terminals for $1.5 billion. Both bids exceeded the value Yellow placed on its real estate in its bankruptcy filing. Trucking terminals have become more difficult and expensive to build.
Sevens Atelier First Half 2023 Earnings: S$0.004 loss per share (vs S$0.003 loss in 1H 2022) For American families with a net worth over $10 million, there is an urgency to consider a range of moves before the tax cuts expire. Old Dominion swooped in at the last minute, entering a base bid of $1.5 billion for now-defunct Yellow’s terminals.
How The Bankruptcy Of Yellow Puts Businesses On Red Alert For The Holiday Season Yellow, the third biggest player in the industry, filed for Chapter 11 bankruptcy. The company moves an estimated $5 billion of freight annually. What can companies do to make sure goods arrive on time?
Goldman Sachs: A government shutdown would be ‘manageable’ for the economy. That’s why it’s likely to happen 'Barbie' unseated from top of the US box office. Laid-off Yellow drivers will have a tough time finding good jobs.
Laid-off Yellow Corp. truck drivers will have tough time finding good jobs Mark Roper, a truck driver for 32 years, has been out of a job, along with 30,000 of his fellow workers. Yellow, ABF and TForce all are what's known as LTL, or less-than-truckload carriers.
Averitt Express staying elastic amid LTL volume surge Averitt Express has seen an additional 2,000 daily shipments since Yellow ceased operations. Averitt’s resiliency is a result of its built-in flexibility. Approximately 17% of its nearly 10,000 associates have been with the company 20 years or more.
Trucking firm Estes Express submits $1.3 bln bid for... Trucking firm Estes Express submits a $1.3 billion bid to acquire bankrupt Yellow Corp's shipment centers. Estes had offered to provide a bankruptcy loan as part of its bid. Yellow instead decided to move forward with a $142.5 million loan provided by hedge fund Citadel.
Trucking firm Estes Express submits $1.3 billion bid for Yellow's shipment centers Trucking firm Estes Express has submitted a $1.3 billion bid to acquire bankrupt Yellow Corp's shipment centers. Yellow's attorney Allyson Smith said that the Estes proposal was received while Yellow was negotiating several offers for bankruptcy financing.
Some Yellow freight customers face post-bankruptcy... Some Yellow freight customers face post-bankruptcy sticker shock -analysts. Large companies like Walmart, Amazon.com and Home Depot will likely see the smallest rate increases as they shift cargo from Yellow.
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