Yellow Trucking Firm and Workers Reach Deal, Strike Averted

U.S. trucking firm Yellow has reached an agreement with the Teamsters union to avert a strike by its 22,000 workers. Yellow will pay over $50 million in owed worker benefits and pension accruals within the next two weeks. The company, which specializes in less-than-truckload shipments, has faced concerns from customers about potential bankruptcy. Competitors are expected to target Yellow's customers amid a decline in freight volume. Yellow, formerly known as YRC Worldwide, received a $700 million pandemic relief loan from the U.S. government in 2020 and has not significantly repaid it. The company is seeking to refinance $1.2 billion in debt before it comes due next year.