NEW YORK — A U.S. bankruptcy court has approved Yellow Corp’s request to sell its fleet of trucks by October while continuing to market their real estate assets.
Those assets have already received a $1.525 million bid by Estes Express Lines.
Yellow filed for bankruptcy in August after a labor dispute. The company owns around 12,000 trucks and 35,000 trailers, according to court documents.
Yellow intends to conduct an auction for its vehicles by Oct 18 and seek court approval for the vehicle sale on Oct. 27.
Yellow blamed its collapse on a labor dispute with the International Brotherhood of Teamsters union, and it terminated about 22,000 union-represented drivers when it went bankrupt. The union has said the Nashville, Tennessee-based company “mismanaged” its way to bankruptcy.
The Trucker News Staff produces engaging content for not only TheTrucker.com, but also The Trucker Newspaper, which has been serving the trucking industry for more than 30 years. With a focus on drivers, the Trucker News Staff aims to provide relevant, objective content pertaining to the trucking segment of the transportation industry. The Trucker News Staff is based in Little Rock, Arkansas.
The union kept this zombie alive for years while the management kept burying the company in debt,it was management incompetence who buried this company.I’m not pro union, I’m a bystander who has followed this for years. I think terminal managers could pick up the pieces left
This is definitely a mismanagement issue. The company made a deal with the Teamsters just long enough to hold off to file bankruptcy. Their CEO should be held accountable, I’m sure he took his financial share of money before this turn to crap.