Recently, the American freight giant Yellow Corp. (Yellow Corp.) filed for bankruptcy protection after failing to resolve its increasingly serious debt problem and after fruitless negotiations with the Teamsters union. The company's stock price immediately plunged about 36%. Founded nearly 100 years ago, Yellow Corp. dominates the "less-than-truckload" market, providing single-truckload freight services to multiple customers. The company's bankruptcy would put about 30,000 employees at risk.

Yellow Corp. has worked with some of the largest retail companies in the United States, including Walmart, Home Depot and others. According to statistics from TD Cowen, Yellow Corp.'s market share before bankruptcy was approximately 8% to 10%. Yellow Corp. has assets and liabilities totaling between $1 billion and $10 billion, according to a Delaware court estimate, with more than 100,000 creditors. The company's 2024 debt repayment plan reaches $1.3 billion, including a private equity loan of approximately $570 million in June and a U.S. loan in September.

In addition, Yellow Corp. has secured a $450 million secured revolving loan from banking groups including Citizens Bank and Merrill Lynch, which matures in January 2024. Yellow Corp. said it plans to repay in full a $700 million loan provided by the administration of former U.S. President Donald Trump. The loan is part of the 2020 pandemic relief package and is designed to help the company weather the storm.