One of America's largest truck companies, Yellow, announced bankruptcy, resulting in 30,000 job losses.

Enraged by huge debts, including a government loan, and a standoff with unions late Sunday, Aug. 6, 99-year-old U.S. trucking company Yellow has filed for bankruptcy and will shut down operations. The company has recently been trying to resolve the debt it accumulated as a result of a series of merger transactions and $0.7 billion in federal relief loans during the new crown epidemic. Last week, on July 30, the company shut down operations and laid off a large number of workers. The company's collapse meant the loss of 30000 jobs, including 22000 workers at the North American Transportation Union International Brotherhood of Teamsters. **The collapse was the largest in the history of the U.S. trucking industry in terms of job losses and lost income. **The company said it will seek bankruptcy court authorization to pay payments including workers' salaries and benefits. Darren Hawkins, the company's chief executive, said on Sunday as he filed for bankruptcy protection:> It is deeply disappointing that Yellow announced closure after nearly 100 years in business. Hawkins said the company intends to repay in full the federal government loan it received in 2020. The federal government approved the loan at the time because the Trump administration believed that Yellow, as one of the U.S. government's transportation service providers, played a vital role in national security. Whether the U.S. federal government can recover this portion of the loan may depend on how much money Yellow raises through the sale of real estate and other assets. But some U.S. lawmakers and analysts say that in this bankruptcy case, Yellow may eventually be unable to repay this part of the loan and will have to be paid for by U.S. taxpayers. As part of the aid package at the time, the U.S. Treasury held a 30 percent stake in Yellow, which could also be emptied. Yellow's stock was trading at about $2.7 a share when it received a loan from the federal government in July 2020, but unexpectedly soared to nearly $4 last week as the company began shutting down its operations.! After filing for bankruptcy protection, Yellow's share price opened sharply lower on Monday and continued to decline at one point, falling more than 40% at one point. In the afternoon, the company's share price decline narrowed to less than 20%.! Yellow Roadway Group was founded in 1924 and is headquartered in Nashville, Tennessee. It has annual sales of up to $9.5 billion, has more than 12000 trucks, and provides transportation and logistics services to more than 800000 customers worldwide. Fortune magazine has selected Yellow Group as the number one and most respected company in the transportation industry for three consecutive years. Yellow listed 30 unsecured creditors in its bankruptcy filing, including Buffett's BNSF Railroad, e-commerce giant Amazon and U.S. home improvement giant Home Depot. Yellow is known for its low prices and for shipping goods across the country for Wal-Mart, Home Depot and many other small businesses. The company has been at risk of bankruptcy several times over the past two decades. The company avoided bankruptcy in 2010 after truckers agreed to pay and benefit cuts. In the years before the epidemic, the company swallowed a number of competitors to expand significantly, and unions have been giving in to it for the past fifteen years and getting a federal bailout at a time when the new crown epidemic poses the most difficulties in 2020. But now the company is in trouble this year as transport demand falls and unions get tough. Unions blocked the company's proposed operating changes this spring, resulting in the loss of customers and business, in addition to the company's difficulties in refinancing about $1.3 billion of debt due in 2024. At the end of the first quarter, the company owed about $0.7 billion to the federal government and more than $0.5 billion to private equity firm Apollo Global Management. Earlier this month, Yellow avoided a threatened strike by 22000 union-represented workers, saying the company would pay more than $5000 million in unpaid worker benefits and pensions. Hawkins blamed the union for the company's bankruptcy:> We faced nine months of union intransigence, bullying and deliberately destructive tactics. The union said the company's bankruptcy was regrettable and a sad day for workers and the U.S. freight industry.