Teamsters union pushes for US bankruptcy reform after Yellow's collapse
NEW YORK, Aug 8 - The International Brotherhood of Teamsters on Tuesday called for changes to U.S. bankruptcy laws following the Chapter 11 filing of freight trucking company Yellow CorpThe Teamsters union said 22,000 of its members were out of work despite making significant concessions on wages and pension benefits in labor negotiations with the nearly 100-year-old company, whichYellow has blamed the Teamsters' opposition to its internal reorganization efforts for its collapse.
"Corporate bankruptcy legislation in the U.S. is a joke," Teamsters General President Sean O'Brien said in a statement. "Hardworking people routinely get left behind in this process when they should be at the front of the line to be paid and protected for the sacrifices they make to American employers."The union argued that U.S.
That legislation, the Protecting Employees and Retirees in Business Bankruptcies Act, would have prioritized payment for certain employee wage and retirement claims and it would have made it more difficult for bankrupt employers to terminate pension plans and collective bargaining agreements.U.S. bankruptcy law currently prioritizes repayment of up to $15,150 in wages per employee, according to bankruptcy attorney George Singer, who is not involved in Yellow's case.
Yellow's bankruptcy also carries risk for U.S. taxpayers, who could be on the hook if the company is unable to repay a $700 million government loan.
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Read more »
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Read more »