Yellow’s Downfall Throws $700 Million US Covid Loan in Jeopardy
- Trucking giant shut down three years after government bailout
- It’s unclear how much the government can recoup from its loan
This article is for subscribers only.
The collapse of trucking giant Yellow Corp. casts doubt on whether the US government will be able to fully recoup a controversial $700 million loan for an enterprise that was already in financial trouble before the Treasury threw it a Covid lifeline.
The Nashville-based company may be forced to file for bankruptcy soon, after having told workers on Monday that it was shutting down. The decision punctuates the company’s struggle to refinance more than $1 billion of debt maturing in 2024 — almost half of which is held by the government.