August 10, 2023

• Apollo will be replaced as debtor-in-possession as Yellow seeks more favourable bankruptcy financing. Other options are MFN Partners (owner of Yellow's competitor) or Estes (a current competitor).
• Yellow Corp. reported Wednesday a net loss of $14.7 million for the second quarter, but that included $75.9 million in gains from the sale of properties.
• cash balance of $113 million
• Property and equipment net of depreciation was listed at $1.14 billion. The bankruptcy filing estimated assets of $2.15 billion and liabilities of $2.59 billion.

• Yellow recorded a 96.5% operating ratio, which was 350 basis points worse y/y.
• Absent gains on property disposals in both periods, its operating ratio was 1,000 bps worse y/y at 103.3%.

• The most pronounced increases in freight resulting from Yellow's collapse were seen at the two remaining union carriers:

  • TForce Freight (TFI): 13% jump in volumes
  • ABF Freight, an ArcBest subsidiary: volumes increased 10%

Property and equipment net of depreciation was listed at $1.14 billion. The bankruptcy filing estimated assets of $2.15 billion and liabilities of $2.59 billion.

“The Teamsters are calling on Congress and the White House to pass and enact new legislation that prioritizes workers throughout the corporate bankruptcy process,” a statement read. “Legal safeguards must be established to protect earned pension credits and retirement benefits and ensure payment of severance money owed to workers.”

The union estimates it consented to $5.1 billion in wage cuts and benefits reductions since 2009 to keep Yellow afloat.