Yellow's Bankruptcy Battle: Truckers, Economy, and Revival Offers
A group of investors led by trucking executive Sarah Riggs Amico is attempting to salvage bankrupt trucking giant Yellow (formerly YRC) with a billion-dollar bid, but executives from the company have turned down the offer. The investors are hoping that the courts and the Treasury Department will allow them to prevail, but the Treasury Department has stated that the $700 million CARES Act loan cannot be modified. A bipartisan group of senators has supported efforts to save Yellow and its 30,000 jobs. Yellow's closure has disrupted the lives of truckers and left a void in the economy, but experts say the impact on the industry has been minimal. The less-than-truckload (LTL) market, which Yellow operated in, has seen increased rates since Yellow's closure, but overall, the market has been able to absorb the loss. Amico and her investors face challenges in navigating auctions, regulations, and obtaining court and government approval for their rescue package.