Yellow Corp, a major trucking company, faces turmoil as it approaches bankruptcy with a staggering $1.2 billion debt, Your Content has learned.
Employees were recently informed that the company would no longer be contributing to their pension fund and healthcare benefits due to financial struggles.
A viral video on TikTok captured the emotional moment when a Yellow Corp trucker expressed his anger and disappointment upon learning about the suspension of his benefits. In the video, the worker can be heard exclaiming, “It’s the motherfs up there! I worked my a off for this company. This is my money y’all are playing with. F* this s*.”
The Central States Board of Trustees at Yellow Corp cited the need to refinance the massive debt as the reason for suspending health benefits and pension accruals for employees. In response, the Teamsters union, representing 22,000 truck drivers, is preparing for a potential strike as early as Monday.
Yellow Corp’s financial situation has been dire, and the company has experienced a significant drop in its stock value since the beginning of the previous year. In a recent move, Yellow Corp filed a $137 million lawsuit against the union, accusing them of hindering a plan to combine the company’s trucking divisions.
The future looks uncertain for Yellow Corp, with $1.2 billion of its debts scheduled for repayment soon. To prevent a potential strike, the corporation has sought a temporary restraining order to halt worker actions, the Wall Street Journal reported.
As the situation unfolds, customers are already turning to rival trucking operators to avoid any potential disruptions to their businesses. Uber’s freight division, for instance, has diverted its business to other carriers until the issue is resolved.
Despite the uncertainty, Yellow Corp employees and union representatives are standing firm, emphasizing that the company has a responsibility to its workers, and its financial challenges cannot be allowed to impact employees negatively.