Yellow bankruptcy

Yellow’s 325-door California terminal fetches $55M

In dribs and drabs, bankrupt Yellow Corp.’s handlers continue to liquidate assets. A Tuesday filing with the U.S. Bankruptcy Court in Delaware showed the estate will fetch $55 million for terminating a lease on a 325-door property in Bloomington, California.

The filing said the offer represents the “highest or otherwise best value for the Lease” after Yellow (OTC: YELLQ) marketed the property for 20 months through its broker CBRE and its bankruptcy adviser Ducera.

The landlord is listed as NATMI...

https://www.freightwaves.com/news/yellows-325-door-california-terminal-fetches-55m

Yellow creditors’ battle over $550M-plus carcass heats up

Yellow Corp. and some of its creditors remain at odds over a final bankruptcy plan for the liquidation and distribution of the estate’s remaining assets, which now include $550 million in cash. The bankrupt less-than-truckload carrier’s unsecured creditors told a federal bankruptcy court in Delaware on Monday that it would submit its own plan in the coming days.

Counsel for Yellow (OTC: YELLQ) said it didn’t have the votes to proceed on its previously proposed plan but that it was still hopeful...

https://www.freightwaves.com/news/yellow-creditors-battle-over-550m-plus-carcass-heats-up

Teamsters to appeal decision freeing Yellow from WARN liability

The Teamsters union told former Yellow Corp. union employees that it will file an appeal on their behalf after a federal bankruptcy court in Delaware last week denied their claims that the company had failed to provide adequate notice ahead of layoffs.

Worker Adjustment and Retraining Notification Act claims from approximately 22,000 members accused the company of failing to provide 60 days’ notice prior to mass layoffs in 2023. In its Feb. 26 ruling, the court decided that Yellow (OTC: YELLQ)...

https://www.freightwaves.com/news/teamsters-to-appeal-decision-freeing-yellow-from-warn-liability

XPO sees improvement in February, tonnage still down y/y

At first blush, XPO’s February update showed volumes fell at the same pace as they did in January. However, the carrier was facing a more formidable comp in the recent month, suggesting the falloff was less severe.

The Greenwich, Connecticut-based LTL carrier announced Tuesday after the market closed that tonnage was down 8.1% year over year in February following an 8.5% decline in January. The February result was the combination of a 6.2% decline in shipments and a 2% decline in weight per...

https://www.freightwaves.com/news/xpo-sees-improvement-in-february-tonnage-still-down-y-y

Old Dominion, Saia stay on different paths to overcome same challenge in Q1

A pair of less-than-truckload carriers on somewhat divergent paths provided first-quarter updates on Tuesday that displayed no material change of course. Old Dominion Freight Line saw volumes sag again in February as it plays the long game at the bottom of the cycle, while competitor Saia reported another large tonnage increase as it fills its recently expanded network through the downturn.

Source: Company reports
Old Dominion’s volumes sag as it awaits more opportune entry point

Thomasville,...

https://www.freightwaves.com/news/old-dominion-saia-stay-on-different-paths-to-overcome-same-challenge-in-q1

Amarillo Settles advierte reclamos de empleados de no unión por $ 12.3 millones

Yellow Corp. reveló en una audiencia de enero que tenía llegar a un acuerdo con los empleados de no unión En cuanto a la falta de notificación de 60 días antes de los despidos masivos en 2023. Las presentaciones del viernes en un tribunal de bancarrota federal en Delaware mostraron los montos de la...

https://fullavantenews.com/amarillo-settles-advierte-reclamos-de-empleados-de-no-union-por-12-3-millones/?lang=es

Yellow settles WARN claims from nonunion employees for $12.3M

Yellow Corp. revealed at a January hearing that it had come to terms with nonunion employees regarding a failure to provide 60 days’ notice ahead of mass layoffs in 2023. Friday filings in a federal bankruptcy court in Delaware showed the settlement amounts.

The defunct less-than-truckload carrier has settled Worker Adjustment and Retraining Notification Act claims from two separate plaintiff classes for a total of $12.3 million.

The Moore class, a group of approximately 3,200 nonunion employees...

https://www.freightwaves.com/news/yellow-settles-warn-claims-from-nonunion-employees-for-12-3m

Teamsters’ WARN claims fall short in federal bankruptcy court

A federal bankruptcy court in Delaware found that Yellow Corp. is not liable on claims from roughly 22,000 union employees for failure to provide 60 days’ notice ahead of mass layoffs in the summer of 2023. It said the company was a “liquidating fiduciary” winding down affairs and not an employer at the time the layoffs were ordered, releasing it from liability.

Yellow (OTC: YELLQ) determined on July 26, 2023 that it had no viable path forward and enacted a plan to shut down operations. It...

https://www.freightwaves.com/news/teamsters-warn-claims-fall-short-in-federal-bankruptcy-court

Los reclamos de advertencia de Teamsters se quedan cortos en el tribunal de bancarrota federal

Un tribunal federal de bancarrota en Delaware determinó que Yellow Corp. no es responsable de las reclamaciones de aproximadamente 22,000 empleados sindicales por no proporcionar 60 días de aviso antes de los despidos masivos en el verano de 2023. Dijo que la compañía era una «fiduciaria» que se...

https://fullavantenews.com/los-reclamos-de-advertencia-de-teamsters-se-quedan-cortos-en-el-tribunal-de-bancarrota-federal/?lang=es

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