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.
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.
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?
Yellow Corp., one of the longest-serving American trucking companies, ceased operations over the weekend and has announced it will be filing for bankruptcy.
The Congressional Oversight Commission is questioning a $700 million loan that Yellow Corp. (then-YRC Worldwide) received last year under the CARES Act.
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.
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.
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.
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.
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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