Yellow Corp.

Yellow’s bankruptcy plan would let former employees recoup PTO, commissions

A final Chapter 11 plan for Yellow Corp. includes payments to remaining secured creditors and to former employees who are due paid time off and commissions, a Thursday filing with a federal bankruptcy court in Delaware showed. Yellow has asked the court to approve the voting procedures and timeline for the plan.

Yellow’s (OTC: YELLQ) plan includes full recovery on employee PTO and commission claims, which are projected to total $75 million to $100 million. However, the filing said these claims...

https://www.freightwaves.com/news/yellows-bankruptcy-plan-includes-pto-commissions-to-former-employees

Yellow targets January sale for 112 remaining terminals

The sale of bankrupt Yellow Corp.’s remaining properties is moving forward, a Wednesday filing in a federal bankruptcy court in Delaware showed. The estate will accept nonbinding indications of interest for its remaining 112 terminals beginning Tuesday and running through Oct. 18.

The court recently allowed Yellow (OTC: YELLQ) to retain real estate broker CBRE to sell the remaining terminals. Yellow will work through the broker and investment banker Ducera to move 47 owned and 65 leased...

https://www.freightwaves.com/news/yellow-targets-january-sale-for-112-remaining-terminals

Court denies motion to let Teamsters leader out of Yellow deposition

A motion from the Teamsters union to block Yellow Corp.’s deposition of union head Sean O’Brien was denied in a federal bankruptcy court in Delaware on Tuesday. The union was seeking a stay to provide it more time to challenge the deposition ruling in a U.S. district court. The bankruptcy court did grant a seven-day administrative stay on Tuesday, leaving the Teamsters one week to see if the district court will grant a stay while it considers taking up the appeal.

The bankruptcy court ruled...

https://www.freightwaves.com/news/court-denies-motion-to-let-teamsters-leader-out-of-yellow-deposition

Delaware bankruptcy court says Yellow owes pensions, stock drops 90%

A Delaware bankruptcy court provided some clarity late Friday regarding $6.5 billion in withdrawal liability claims against Yellow Corp. The total amount the bankrupt less-than-truckload company will actually pay, however, remains to be decided. The mere fact that the estate will have to make good on some portion of the claims sent Yellow’s stock spiraling.

Shares of Yellow (OTC: YELLQ) fell 90% on Friday to 50 cents per share as stockholders realized their bet that the company’s asset value...

https://www.freightwaves.com/news/delaware-court-says-yellow-owes-pensions-stock-drops-90

Former Yellow chief lands at chassis co-op

Just a couple of weeks after former Yellow Corp. CEO Darren Hawkins was being questioned about the final days of his former company, the North American Chassis Pool Cooperative (NACPC) named him its new president and CEO in waiting.

A news release from NACPC said Hawkins will succeed Dave Manning, who will become the organization’s chairman. The Friday release said Hawkins is currently NACPC’s president and will become its CEO effective Jan.1.

“I’ve known Darren for many years and am excited to...

https://www.freightwaves.com/news/former-yellow-chief-lands-at-chassis-co-op

Truck transportation jobs about where they were when Yellow folded a year ago

The most notable number in this week’s employment report for truck transportation might be a difference of 400 jobs.

In a Bureau of Labor Statistics report that noted relatively moderate movement in jobs statistics overall, the seasonally adjusted figure for truck transportation came in at 1,543,500 jobs.

That is only 400 more than the 1,543,100 reported in August of last year, the first month reported by BLS that took into account the closure of LTL carrier Yellow that month.

Total truck...

https://www.freightwaves.com/news/truck-transportation-jobs-about-where-they-were-when-yellow-folded-a-year-ago

LTL carriers see softer volume trends in August

A pair of less-than-truckload carriers reported weaker volumes in August but said they continue to see favorable yield results.

XPO (NYSE: XPO) saw volumes slide during a “soft” August but reiterated its margin guidance, which is predicated on favorable yield trends.

The carrier reported a 4.6% year-over-year decline in tonnage during August, the combination of a 4.5% decline in shipments and a 0.1% dip in weight per shipment. It previously reported no change for the same volume metrics in July....

https://www.freightwaves.com/news/ltl-carriers-see-softer-volume-trends-in-august

Yellow to depose Teamsters head in effort to quash alleged WARN Act violations

A Delaware bankruptcy court ruled Wednesday that Teamsters union General President Sean O’Brien could be deposed regarding the events leading up to Yellow Corp.’s shutdown a year ago. Counsel for Yellow successfully argued that O’Brien has firsthand knowledge and that his testimony could be vital in deciding if the company should be on the hook for up to $244 million in WARN Act claims.

Various classes of employees have alleged the defunct less-than-truckload carrier didn’t provide them with a...

https://www.freightwaves.com/news/yellow-to-depose-teamsters-head-in-effort-to-quash-alleged-warn-act-violations

Saia still seeing volume growth full year after Yellow’s collapse

Less-than-truckload carrier Saia is still seeing sizable volume growth even though a full year has passed since Yellow Corp. ceased operations and the comparisons have gotten tougher. While the year-over-year growth rates have cooled, they are still notable by historical measures and given that the industry is still struggling to exit a prolonged freight recession.

In the first two months of the third quarter, Saia’s tonnage per day was up 6.6% year over year as an 8.5% increase in shipments was...

https://www.freightwaves.com/news/saia-still-seeing-volume-growth-full-year-after-yellows-collapse

+ More