One of the largest U.S. privately owned auto transport companies is quietly mounting a long-shot bid - with increasing help from the Biden administration - to rescue trucking giant Yellow Corp (YELLQ.PK) from bankruptcy liquidation and bring back some 30,000 union jobs, according to multiple sources familiar with the discussions.
Semi truck trailers are pictured at freight trucking company Yellow’s terminal near the Otay Mesa border crossing between the U.S. and Mexico in San Diego, California, U.S., August 7, 2023 after the company filed for bankruptcy protection. REUTERS/Mike BlakeOct 30 - One of the largest U.S.
The loans currently come due in September 2024. Jack Cooper's bid effort hinges largely on whether Treasury extends the payback period to 2026, allowing Jack Cooper to offer more favorable terms for Yellow, because it would not have to pay the loan back right away. The White House said it was referring all Jack Cooper stakeholder inquiries to the Treasury Department. Treasury had no comment on whether it was considering a loan extension."It is unfortunately necessary for Treasury to take these steps to save tens of thousands of union jobs that have already experienced hardship due to Yellow’s years of mismanagement," Democratic U.S. senators including Bob Casey from Pennsylvania and Tammy Baldwin of Wisconsin wrote.
Yellow owns approximately 12,000 trucks and 35,000 trailers, along with hundreds of terminals, according to its bankruptcy court filing. The company hopes to sell the truck and terminal assets separately, complicating any effort to purchase the whole company.
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