Troubled shipping company expected to file for bankruptcy, Teamsters union says, after it failed to refinance huge debts
The embattled US trucking company Yellow ceased operations on Sunday, and it has laid off all 30,000 of its workers.
Yellow, once one of America’s dominant shipping companies, intends to file for bankruptcy, said the Teamsters union, which represents employees of the firm. The filing would come after Yellow failed to reorganize and refinance more than a billion dollars in debt.
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