Yellow Corp. Files For Chapter 11 Bankruptcy Protection

(RTTNews) - Yellow Corp. (YELL) and certain of its direct and indirect subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware for the company's planned operational wind-down.

"It is with profound disappointment that Yellow announces that it is closing after nearly 100 years in business," said Yellow's Chief Executive Officer, Darren Hawkins.

On June 26, 2023, Yellow filed a lawsuit against the International Brotherhood of Teamsters or IBT citing breach of contract and loss of enterprise value. The lawsuit is pending, and the damages have grown since.

"While IBT leaders may believe they won a battle against Yellow, it's our employees and their families who have lost," said Hawkins.

Yellow alleged that IBT leaders' campaign against Yellow caused grave concern among investors, drove away customers, and put 30,000 jobs at risk.