As Yellow files for Chapter 11, $700 million pandemic bailout in the spotlight
Yellow Corp.’s Chapter 11 filing has thrust a $700 million federal loan the company received during the Covid-19 pandemic into the spotlight.
On Sunday the beleaguered Nashville, Tenn.-based trucking company announced its bankruptcy filing, which it blamed on the Teamsters union. On Monday, in a statement posted on the Teamsters website, the union accused Yellow of squandering the $700 million bailout. Nonetheless, the bailout has come under scrutiny. In a special report released in June, the Congressional Oversight Commission voiced its concerns about the $700 million loan. “Overall, the Commission continues to believe that the Treasury and the Defense Department made missteps in deeming Yellow as critical to maintaining national security and in executing the loan to Yellow,” the report said.
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