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☆ New Offer Seeks to Revive Collapsed Trucker Yellow
▼ + stars: | 2023-11-30 | by ( Paul Berger | ) www.wsj.com time to read: 1 min

Yellow was the third-largest carrier in trucking’s less-than-truckload sector, in which freight from multiple customers is combined in a single trailer. Photo: Charlie Riedel/Associated PressBankrupt trucker Yellow is considering an offer to revive the carrier and rehire thousands of its former workers as it weighs competing bids at a court-supervised auction that would disperse its nationwide network of truck terminals to rivals. Sarah Riggs Amico, executive chair of auto carrier Jack Cooper Transport, is leading a bid that would replace Yellow, which shut down over the summer, with a smaller, leaner trucking company that aims to win back some of the billions of dollars worth of freight business that has shifted to a range of other carriers.

Persons: Charlie Riedel, Sarah Riggs Amico, Jack Cooper Organizations: Associated Press Locations: trucking’s

☆ Last-Minute Bid Would Seek to Revive Collapsed Trucker Yellow
▼ + stars: | 2023-11-09 | by ( Paul Berger | ) www.wsj.com time to read: 1 min

The sale of Yellow’s network of trucking terminals and tens of thousands of trucks and trailers is moving through U.S. Bankruptcy Court. Photo: Charlie Riedel/Associated PressJack Cooper Transport, a specialized operator that hauls automobiles for carmakers, plans to submit a bid backed by $1 billion in financing and support from the Teamsters union and some U.S. lawmakers that would halt the liquidation of trucking giant Yellow and seek to resurrect the shuttered business, according to people familiar with the matter. The improbable effort would require the Treasury Department to defer repayment for several years of a $700 million loan provided to Yellow under a Covid pandemic-era bailout, one of several debts that helped push one of the country’s biggest truckers into collapse earlier this year.

Persons: Charlie Riedel, Press Jack Cooper Organizations: Bankruptcy, Press, Press Jack Cooper Transport, Teamsters, Treasury Department Locations: U.S

☆ Pressure grows on US Treasury to salvage trucking giant Yellow
▼ + stars: | 2023-11-08 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +3 min

THE TAKERepublicans and Democrats pushing Treasury could benefit Jack Cooper, one the largest U.S. privately owned auto transport companies, making its long-shot bid to rescue Yellow from bankruptcy liquidation more likely. Making Yellow’s "loan repayment terms more flexible, is a commonsense step to keep Yellow’s trucks on the road, and keep its workforce gainfully employed," he wrote. Yellow's assets include 12,000 trucks and 35,000 trailers, along with hundreds of terminals, according to its bankruptcy court filing. Yellow said in its bankruptcy filing it had $2.15 billion in assets and $2.59 billion in debt. WHAT'S NEXTA final decision by Treasury on whether it will extend the loan is expected this month, as the bankruptcy proceeds to a potential sale of assets.

Persons: Mike Blake, Josh Hawley, Trump, Roger Marshall, Sherrod Brown, Bob Casey, Elizabeth Warren, Ed Markey, Jack Cooper, Jack Cooper's, Hawley, gainfully, Biden, Jarrett Renshaw, Heather Timmons, Matthew Lewis Organizations: U.S, U.S . Treasury, Republicans, Democrats, Reuters, Treasury, Republican, Democratic, Walmart, International Brotherhood of Teamsters, Thomson Locations: Mexico, San Diego , California, U.S, Philadelphia

☆ Exclusive: Trucking firm prepares long-shot bid for Yellow, seeks US Treasury support
▼ + stars: | 2023-10-30 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +5 min

Jack Cooper officials, including Executive Chair Sarah Amico, have been talking with Biden administration officials in recent months to get support for extending the terms of the loan. The White House said it was referring all Jack Cooper stakeholder inquiries to the Treasury Department. Jack Cooper and the Teamsters union declined to comment. Yellow owns approximately 12,000 trucks and 35,000 trailers, along with hundreds of terminals, according to its bankruptcy court filing. Trucking firm Estes Express submitted a revised bid worth $1.525 billion in cash for Yellow Corp's shipment centers, topping a $1.5 billion bid from Old Dominion Freight Line (ODFL.O).

Persons: Mike Blake, Biden, Jack Cooper, Sherrod Brown, Republican Roger Marshall, Bernie Sanders, Trump, Jack Cooper's, Sarah Amico, Amico, Lael Brainard, Brendan Danaher, Bob Casey, Tammy Baldwin, Jarrett Renshaw, Dietrich Knauth, Heather Timmons, Matthew Lewis Organizations: U.S, Yellow, Jack Cooper Transport, Ford, Brotherhood of Teamsters, Senators, Republican, Treasury Department, Reuters, Yellow Corp, Treasury, Biden, Democratic, U.S . Senate, Teamsters, White, National Economic Council, Democratic U.S, Citadel, MFN Partners, Walmart, Trucking, Express, Old Dominion Freight, Thomson Locations: Mexico, San Diego , California, U.S, Georgia, Pennsylvania, Wisconsin, Nashville , Tennessee, Philadelphia, New York

☆ A man found a giant megalodon tooth that experts say belonged to a shark the size of a semi-truck
▼ + stars: | 2023-06-24 | by ( Rupendra Brahambhatt | ) www.businessinsider.com time to read: +5 min

A charter boat captain found a whopping 6.25-inch long megalodon shark tooth in Florida. That's why today, the Sarasota County coastline in Venice, Florida, is known as the shark tooth capital of the world. Recently, a charter boat captain discovered one of the largest fossilized shark teeth ever from a megalodon shark. One of the largest megalodon teeth ever discoveredMichael Nastasio, who has been hunting shark teeth in Florida for 12 years, discovered a fully-intact megalodon shark tooth that was 6.25 inches (15.87 cm) long — only about an inch smaller than the largest megalodon tooth on record. Megalodon teeth are similar to great white shark teeth, and it's thought the two species may have been close relatives.

Persons: —, Michael Nastasio, Kristen Grace, Nastasio, Jack Cooper, it's, Victor Habbick, Victor Perez, Cooper, Emma Bernard, wouldn't, he's, WTSP Organizations: Service, Swansea University, Environmental Studies, St, Mary's College of Maryland Locations: Florida, Sarasota, Venice , Florida, London

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