Yellow Corporation, one of America's largest less-than-truckload freight carriers and a 99-year-old company operating under five brands (YRC Freight, Holland, New Penn, Reddaway, and Yellow Logistics), filed for Chapter 11 on August 6, 2023 in the District of Delaware (Case No. 23-11069) before Judge Craig T. Goldblatt. The filing was precipitated by a labor dispute with the International Brotherhood of Teamsters that triggered a customer exodus, reducing daily shipments from 40,000 to near zero in four days and displacing approximately 30,000 employees. Yellow had carried approximately $1.5 billion in prepetition debt and had received a controversial $700 million CARES Act loan from the U.S. Treasury in 2020. The Debtors obtained a $142.5 million DIP facility and conducted a comprehensive liquidation, generating approximately $1.88 billion from terminal auctions across 128 owned properties sold to 21 buyers and $176 million from rolling stock sales, for approximately $2.4 billion in total asset proceeds. The federal loan was fully repaid in February 2024 along with $151 million in interest. Multi-billion dollar pension withdrawal liability claims from multiemployer pension funds were settled, reducing aggregate claims from approximately $7.4 billion to $3.3 billion. The Fourth Amended Joint Chapter 11 Plan was confirmed on November 17, 2025, establishing a Liquidating Trust with secured creditors paid in full and general unsecured creditors projected to recover 12-16%.
