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Major trucking company files Chapter 11 bankruptcy

Yellow Corp., a major U.S. trucking company, has filed for Chapter 11 bankruptcy protection, as reported by MSN Money. The company, which has been a significant player in the less-than-truckload (LTL) freight sector, cited a combination of longstanding financial struggles, a $1.3 billion federal loan, and ongoing labor disputes with the Teamsters Union as reasons for its bankruptcy filing. This move comes after Yellow failed to refinance its debt and faced operational challenges, including a strike authorization by the Teamsters, which exacerbated its financial instability. The bankruptcy filing aims to restructure the company's debt and operations, potentially leading to asset sales or reorganization to keep the business afloat. This development has raised concerns about the stability of the LTL freight market and the potential impact on customers and employees.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/general/major-trucking-company-files-chapter-11-bankruptcy/ar-AA1y7Xue ]