Trucking Firm Yellow Corp Files For Bankruptcy
Portfolio Pulse from Shivani Kumaresan
Trucking company Yellow Corp (NASDAQ:YELL) has filed for Chapter 11 bankruptcy and is closing its business. The company is grappling with over $1 billion in debt due next year and its cash reserves have dropped significantly. Yellow Corp has also filed a lawsuit against the International Brotherhood of Teamsters (IBT) citing breach of contract and loss of enterprise value. The company's shares are trading lower by 42.5% in premarket trading.
August 07, 2023 | 12:25 pm
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Yellow Corp has filed for bankruptcy and is closing its business. The company's shares are trading lower by 42.5% in premarket trading.
The company's decision to file for bankruptcy and close its business is a significant negative event that is likely to have a strong impact on its stock price. The company's shares are already trading lower in premarket trading, indicating that investors are reacting negatively to the news.
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