Trucks and trailers sit in a Yellow Corp. facility lot, closed after the freight trucking company ceased all operations, in Las Vegas, Nevada, on July 31, 2023.
The bankrupt trucking company Yellow has fully repaid a controversial $700 million Covid loan to the U.S. Treasury Department, plus more than $151 million in interest, the company said Monday.
Meanwhile, unsecured creditors in the bankruptcy case, including employee pension funds, are seeking billions of dollars in payouts from what remains of the company.
By mid-2023, as it headed toward bankruptcy, Yellow had made only one payment on the loan: $230, in July 2021.
In a statement Monday announcing the loan repayment, Yellow's chief restructuring officer Matthew Doheny said, "repayment demonstrates Yellow's absolute commitment to fulfilling its promise to the American taxpayers that its CARES Act loan would be repaid in full with interest."
Persons:
Matthew Doheny, Doheny, Yellow's, Donald, Trump, Steven, Mnuchin
Organizations:
Corp, U.S . Treasury Department, Treasury Department, Trump, Defense Department, Treasury
Locations:
Las Vegas , Nevada, Delaware