Apollo leads deal for trucking firm Yellow's bankruptcy loan
request for comment.
Yellow, formerly called YRC Worldwide, is the third-biggest U.S. trucking company. It transports goods from multiple shippers in single trailers and focuses on"less-than-truckload" shipping, the transportation of goods that don't require a full truckload.Last week, the Teamsters union said Yellow had ceased operations and was filing for bankruptcy after failing to reorganize and refinance over a billion dollars in debt.
The trucking firm, which bought companies such as Roadway in 2003 and USF in 2005 to strengthen its LTL offerings, posted a total debt of $1.54 billion last year, according to Refinitiv data. The company's struggles were compounded by a steep drop in e-commerce shipments from early pandemic highs and an industry-wide decline in freight volumes over the last year.
Yellow has $1.3 billion in debt payments due in 2024, including a $567.4 million term loan due in June and a $729.4 million U.S. Treasury loan due in September.Reporting by Priyamvada C in Bengaluru; Editing by Anil D'Silva and Devika Syamnath
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