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XPO, Estes Express Lines, and Saia were among less-than-truckload companies that purchased Yellow terminals during a recent court-supervised auction following the company’s bankruptcy. About 75% of Yellow’s properties will be sold, for nearly $1.9 billion.
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After decades of struggling financially, Yellow filed for Chapter 11 bankruptcy protection over the weekend. The less-than-truckload carrier had ceased operation July 30.
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With longtime trucking giant Yellow shutting down and reported to be planning to file for bankruptcy, what is the impact on the trucking industry, in particular LTL?
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Yellow Corp., one of the longest-serving American trucking companies, ceased operations over the weekend and has announced it will be filing for bankruptcy.
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The Congressional Oversight Commission is questioning a $700 million loan that Yellow Corp. (then-YRC Worldwide) received last year under the CARES Act.
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Yellow Corp. is refreshing its fleet with an order of 1,222 Peterbilt Model 579 trucks, the largest single-year order Peterbilt has ever had of trucks spec’ed exclusively with a Paccar powertrain.
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Less-than-truckload company YRC announced it is getting a $700 million loan under the CARES Act – while the U.S. Treasury gets a 29.6% equity stake in the company.
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The industrial slowdown has hit less-than-truckload giant YRC Worldwide, which reported tonnage is down significantly compared to a year ago, as it announced changes to its CFO and board of directors.
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Trucking company YRC Worldwide Inc. narrowed its first quarter loss but was still in the red, but it expects an improvement in its finances later in the year.
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While Schneider National Inc. and Saia Corp. reported better numbers, USA Truck Inc. returned to only partial profitability and YRC Worldwide Inc. reported losses in both time frames.
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