Yellow's Bankruptcy Sends Shockwaves Through Trucking Industry
Creditors led by Apollo Global Management are close to finalizing a deal to provide Yellow Corp with fresh cash during its upcoming bankruptcy, according to sources. Apollo, which owns a majority of Yellow's term loans, is well-positioned to lead a debtor-in-possession financing for the struggling trucking company. Yellow, the third-largest trucking company in the US, has been grappling with a decline in freight volumes and a drop in e-commerce shipments. The company recently averted a strike by paying over $50 million in owed benefits and pension accruals. Yellow has a total debt of $1.54 billion and faces $1.3 billion in debt payments due in 2024.