Yellow Corporation

Yellow, a nearly century-old business once considered so important that the federal government gave it a $700 million pandemic rescue loan, ceased operations July 30, 2023 - putting 30,000 jobs at risk. The trucking company struggled with a $1.5 billion debt load and was in a standoff with the Teamsters labor union. The company is expected to file for bankruptcy as soon as Monday July 31 2023, The company reported a net income of $21.8 million last year. Yellow has $1.3 billion in loan debt due in fall 2024, $729 million of which is owed to the federal government. In June 2023, a congressional probe found that the Treasury Department's disbursement of the loan was a mistake; the freight company — whose customers included the Department of Defense — did not actually meet the standards to qualify for the business loan because its survival was not "critical to maintaining national security."