{"id":37456,"date":"2023-07-18T20:22:48","date_gmt":"2023-07-19T00:22:48","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/teamsters-prep-for-strike-after-trucker-yellow-corp-misses-deadline-for-benefits-contributions\/"},"modified":"2023-07-18T20:22:52","modified_gmt":"2023-07-19T00:22:52","slug":"teamsters-prep-for-strike-after-trucker-yellow-corp-misses-deadline-for-benefits-contributions","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=37456","title":{"rendered":"Teamsters prep for strike after trucker Yellow Corp. misses deadline for benefits contributions"},"content":{"rendered":"
\n

The International Brotherhood of Teamsters issued a strike notice Tuesday, after the union said Yellow Corp.\u2019s failure to make a \u201ccritical\u201d payment to health care and pension funds could lead to benefit suspensions.<\/p>\n

\u201cYellow has a responsibility and obligation to workers,\u201d said Teamsters General Secretary-Treasurer Fred Zuckerman. \u201cOur members should not suffer because of management\u2019s incompetence and financial irresponsibility.\u201d<\/p>\n

\n

The union said two of Yellow\u2019s operating companies, Holland and Yellow Freight, missed a $50 million payment due July 15 to the Central States Health and Welfare Fund and the Central States Pension Fund for June 23. As a result, the Central States Board of Trustees voted to suspend health-care benefits and cease pension accruals for Yellow workers, effective July 23, if the payment isn\u2019t made.<\/p>\n

Yellow disclosed last week that as of June 30, it had cash and cash equivalents of more than $100 million. TD Cowen analyst Jason Seidl noted that means the required pension contribution \u201cis a sizable portion of the company\u2019s liquidity.\u201d<\/p>\n

Yellow\u2019s stock
\n YELL,
\n -2.09%<\/bg-quote>
\n fell 2.1% to close Tuesday at 99 cents, and has plummeted 60.6% year to date.<\/p>\n

Yellow responded to a MarketWatch request for comment, saying it advised Central States Funds that it would defer payment of health and pension contributions due for June, due July 15, and for July, due Aug. 15, \u201cto preserve liquidity\u201d as it worked to obtain meetings with the Teamsters and to secure additional financing.<\/p>\n

\u201cTwo months\u2019 of deferrals to Central States would represent approximately $50 million. Only the first of those two month payments has been deferred to date,\u201d a company spokesperson said in an emailed response to MarketWatch. \u201cThe company intends to repay the funds with interest immediately upon securing additional financing and has asked the funds to discuss acceptable terms.\u201d<\/p>\n

TD Cowen\u2019s Seidl said a strike by the Teamsters would \u201csignificantly accelerate\u201d freight diversions to other less-than-truckload (LTL) companies, and would make it \u201cextremely difficult\u201d for Yellow to recover given its \u201cprecarious\u201d financial status.<\/p>\n

\u201cRecent discussions with industry contracts indicate that shippers are preemptively moving some freight to Yellow\u2019s competitors in addition to formulating contingency plans, indicating tangible fears that Yellow is on the brink of failure,\u201d Seidl wrote in a note to clients.<\/p>\n

Among the LTL companies that Seidl expects will benefit from Yellow labor and financial troubles are Old Dominion Freight Line Inc.
\n ODFL,
\n +2.85%<\/bg-quote>,<\/span>
\n ArcBest Corp.
\n ARCB,
\n +4.82%<\/bg-quote>,<\/span>
\n Saia Inc.
\n SAIA,
\n +3.10%<\/bg-quote>
\n and XPO Inc.
\n XPO,
\n +4.40%<\/bg-quote>
\n Other companies with exposure to LTL operations that stand to benefit include Knight-Swift Transportation Holdings Inc.
\n KNX,
\n +2.43%<\/bg-quote>
\n and TFI International Inc.
\n TFII,
\n +6.05%<\/bg-quote>.<\/span>\n <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The International Brotherhood of Teamsters issued a strike notice Tuesday, after the union said Yellow Corp.\u2019s failure to make a \u201ccritical\u201d payment to health care and pension funds could lead to benefit suspensions. \u201cYellow has a responsibility and obligation to workers,\u201d said Teamsters General Secretary-Treasurer Fred Zuckerman. \u201cOur members should not suffer because of management\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":37457,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-37456","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nTeamsters prep for strike after trucker Yellow Corp. misses deadline for benefits contributions | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The 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