Yellow Freight Shuts Down

[Geezer]

Too big to fail? Yellow shuts down. This will make a big impact.

US trucking giant Yellow shutting down operations amid standoff with Teamsters union

The U.S. Yellow Corporation shut down Sunday after more than 100 years in operation following years of financial struggles and the threat of a Teamsters strike.

www.foxbusiness.com

Maybe the Secretary of Transportation Beto will be able to do something as soon as he's done chestfeeding the twins.

 

[toddnjoyce]

Not many people with know this, but Yellow got $700M in federal COVID loans that it didn’t qualify for without a SecTreas waiver.

Treasury got a 30% ownership stake in Yellow as part of the loan agreement.

YRC gives government 30% stake in its latest financial bailout

YRC gives the Treasury Department a 30% equity stake in exchange for a $700 million lifeline.

www.freightwaves.com

 

[Big Green]

Not many people with know this, but Yellow got $700M in federal COVID loans that it didn’t qualify for without a SecTreas waiver.

Treasury got a 30% ownership stake in Yellow as part of the loan agreement.

YRC gives government 30% stake in its latest financial bailout

YRC gives the Treasury Department a 30% equity stake in exchange for a $700 million lifeline.

www.freightwaves.com

I knew about the loan money but not the ownership. Arfcom has been discussing this for a week or so.

 

[no2gates]

I knew about the loan money but not the ownership. Arfcom has been discussing this for a week or so.

I knew it !! You're cheating on us at other forums !

 

[Eastexasrick]

I watched an interview with Mark Rourke a little over a year ago. He is the CEO of Schneider Trucking. This was about the time CNN and the other libtard news outlets were predicting a massive shortage of tank trucks and qualified drivers. He said that it was all hype, and fear mongering. I bet he is licking his chops right now.

Funny part was when they introduced him the interviewer said, " I would like to introduce Mark Rourke, the CEO of the 3rd largest trucking and transportation logistics company in the US". The camara was on Mark's face, you would have thought he was smelling a dead rat. I guess being introduced as the 3rd was not to his liking. I wonder how he will handle being called number 2.

 

[Txhillbilly]

Yellow has always been in financial trouble. The Teamsters is the main problem, Yellow just couldn't compete with other carrier's lower rates because they had to pay higher inflated wages to the union worker's.

 

[Eastexasrick]

Central Freight Lines, for over 60 years the largest Texas based trucking company, passed into oblivion about 2 years ago. Estes bought the scraps. The Trucking Industry is littered with the dead and dying. The Motor Carrier Act of 1980 ( deregulation), The MCS90, and the Teamsters, have kept profit margins in check. In check equates to slim, for all but the most creative and agile.

 

[Southpaw]

One could have made some nice pocket change with it on Friday. It shares were down to .44 cents and shot back up to $1.70 or so yesterday. It's still sitting at around $1.50.

 

[DaBull]

I knew it !! You're cheating on us at other forums !

What gave it away? CLP smear on the collar?

 

[popper]

Normal union stuff. Expect freight charges to increase. KC southern just got bought by canadian Co.

 

[TheDan]

 

[Gordo]

One could have made some nice pocket change with it on Friday. It shares were down to .44 cents and shot back up to $1.70 or so yesterday. It's still sitting at around $1.50.

You missed your chance again, they are up over $3 now, because Apollo Global Management Inc is bailing them out.

 

[popper]

Apollo Global Management Inc is bailing them out. But union is suing due to 'non-announced' shut down - like we've known about it for months. More union schennigans.

 

[Ausländer]

Apollo has deep pockets and has no problems investing in companies, but if they don't become profitable, they'll be broken up and sold off.

 

[Gordo]

Pughk Unions....