U.S. trucking firm Yellow Corp. filed for chapter 11 protection yesterday and said that it would wind down, after struggling with a mounting debt load and following tense contract negotiations with the Teamsters Union, Reuters reported. The nearly 100-year-old company's bankruptcy filing in a Delaware court estimated assets and liabilities of $1 billion to $10 billion, with more than 100,000 creditors. The collapse of Yellow, formerly called YRC Worldwide, puts about 30,000 workers at risk when the freight industry is already grappling with a slump in volumes. Yellow said yesterday that it intends to fully pay back a $700 million loan former President Donald Trump's administration issued to bail out the long-troubled firm in 2020 under a pandemic relief program. The company has $1.3 billion in debt payments coming due in 2024, including a $567.4 million private-equity term loan in June and the U.S. loan in September.
