Posts tagged Uber Freight
Strike at trucking firm Yellow averted after deal
July 24, 2023 // In 2020, then-U.S. President Donald Trump bailed out the company with a $700 million pandemic relief loan. In exchange, the federal government took a 30% stake in Yellow. The Nashville, Tennessee-based company formerly called YRC Worldwide has not significantly repaid that loan, which is part of $1.2 billion in debt it is scrambling to refinance before it comes due next year. Yellow's other lenders include a group led by Apollo Global Management (APO.N). Company executives appealed to the International Brotherhood of Teamsters for help slashing expenses as cash dwindles. It has successfully won such concessions in the past, but this time was rebuffed by new Teamsters General President Sean O'Brien. "Following years of worker give backs, federal loans, and other bail outs, this deadbeat company has only itself to blame for being in this embarrassing position," O'Brien said in a statement last week. O’Brien is also leading negotiations covering roughly 340,000 U.S. employees at United Parcel Service (UPS.N). A federal judge in Kansas on Friday rejected Yellow's request to block the Teamsters from striking over the delinquent benefit payments.