When Yellow abruptly shuttered its operations in the summer and filed for bankruptcy protection, few thought that a buyer would emerge and try to revive the long-troubled trucking giant.
The plan rests, however, on getting the Treasury Department to allow Yellow to postpone repayment of a $700 million rescue loan that it made to the company in 2020.
But the Treasury may not accept the plan because there are legal obstacles to extending the loan.
Some trucking analysts say reviving Yellow will be hard because many of its customers will have moved on to other trucking companies that are much better run than the old Yellow.
But Sarah Riggs Amico, the trucking executive leading the deal, said only her plan could bring back thousands of jobs, adding that she had the experience to build a leaner company in partnership with the Teamsters and assemble an executive team that can win back customers.
Persons:
Sarah Riggs Amico
Organizations:
International Brotherhood of Teamsters, Treasury Department, Teamsters
Locations:
Delaware