National freight giant "Yellow Freight" facing a work stoppage and imminent bankruptcy.

[rborden]

Didn't see this posted anywhere here.

They've been around forever, but a buddy sent me this today.

Yellow Freight failed to make a $50M payment for their workers pensions and health care plans.

Furthermore a District Judge in Kansas ruled not to impose an injunction and temporary restraining order against the International Brotherhood of Teamsters who along with 22,000 Union backed drivers plan to go on strike on Monday and dismissed a $137 million lawsuit against the Teamsters.

Yellow Freight doesn't have enough to liquid cash to sustain operations through the end of August.

Yellow truck drivers fear potential bankruptcy - FreightWaves

Some 30,000 Yellow employees may find themselves unemployed. Yellow truck drivers said they’ll likely find work at nonunion shops.

www.freightwaves.com

Trailers at the Tupelo, MS facility are being staged in front of the entrances to the terminal.

Yellow has $1.5 BILLION in debt and it appears they will default on the payments to their federal bailouts they took in 2008 and 2020.

 

[98 svt]

Ouch.

 

[MG0h3]

Holy shot and UPS is still scheduled to go on 7/31


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[rborden]

Holy shot and UPS is still scheduled to go on 7/31


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Yes. Major implications for the national economy right now.

Good news is UPS is back at the negotiating table. Let's hope that a strike doesn't occur.

 

[rborden]

Strike averted

Strike Averted at YRC Freight, Holland

(WASHINGTON) – The Central States Health and Welfare Fund agreed Sunday to extend health care benefits for workers at Yellow Corp. operating companies YRC Fre

teamster.org

 

[CobraBob]

My close friend works/worked for Yellow. We were talking about Yellow at noon. Yellow shut down operations today, and he and 30K other drivers are out of a job. They're filing for bankruptcy. That's going to ding the economy for sure.

 

[01yellercobra]

My close friend works/worked for Yellow. We were talking about Yellow at noon. Yellow shut down operations today, and he and 30K other drivers are out of a job. They're filing for bankruptcy. That's going to ding the economy for sure.

Damn.

 

[Lambeau]

Can't we just teach them to code?
You know, like biden told the Coal Miners back in 2019.

Source:

Biden tells coal miners to “learn to code”

The 2020 presidential hopeful advises coal miners to move into new industries — but it’s not that simple.

thehill.com

^People can't forget these lies.

 

[SolarYellow]

I don't know how it is around the country but out here if that company is delivering, expect delays and problems.

 

[rborden]

looks like it is confirmed. Yellow is done.

Yellow is ceasing 'regular operations' on Friday

Yellow told nonunion employees that all locations are shutting down or seeing layoffs. The trucking company said regular operations cease Friday.

www.freightwaves.com

 

[tones_RS3]

Holy crap!
Come to think of it,............I don't see their trucks as much as I used to in the past.

 

[03cobra#694]

They were big way back. I work in a industrial park and hardly saw them.

 

[CompOrange04GT]

I keep seeing videos of 30 year employees losing their shit due to no pension

 

[MG0h3]

Wait until 300million have their SS cut to crumbs or effectively be useless due to hyper inflation.


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[rborden]

I keep seeing videos of 30 year employees losing their shit due to no pension

If they didn't have a ROTH IRA and other investments, that's on them. Never put all of your eggs in one basket.

 

[IA Shelby]

I keep seeing videos of 30 year employees losing their shit due to no pension

I feel for these people.

 

[CompOrange04GT]

I feel for these people.

Same sure they could have invested elsewhere.. but we all “ assume “ the pension is the one guarantee. That’s WHY people take those jobs.

 

[derklug]

My father worked for Interstate in management. He had worked for Ford and Ford wanted him to go to Interstate when they bought Ford trucks. They even worked out an agreement to roll his Ford retirement plan into the Interstate plan. When Interstate went belly-up dad found out that the management pension had bought Interstate stock to prop up the shares and he got nothing. I feel bad for the guys at Yellow who are going to end up with nothing, but you have to hedge your bets these days. I have a defined benefit plan, but I still invest in an IRA.

 

[L8APEX]

I feel government regulations coming back, perhaps even worse by requiring green sacrifices, as yellow failed even after a large tax infusion. Before the 80s it was "you are paid per this gov book X and if you haul to another town it'd be y.
I can see an Obama care website for arranging LTL pickup/delivery. And they must use a fleet of 100% electric by 2027 (may as well be 1927)
Watch bearkshire Hathaway and this trial stocks tick up.

 

[MG0h3]

Same sure they could have invested elsewhere.. but we all “ assume “ the pension is the one guarantee. That’s WHY people take those jobs.

Correct. It’s part of your compensation package.


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