Don’t be surprised if you hear about some of the older white truckers for the company start eating bullets
Yellow Corporation, a trucking giant that's been on America's roads for almost a century is on the brink of collapse-UPDATE YELLOW SHUTS DOWN
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What Happens To Your Pension If The Company Goes Bankrupt?
“PBGC’s guarantee for a 65-year-old in a failed single-employer plan can be up to $60,136 annually, while a participant with 30 years of service in a failed multi-employer plan caps out at $12,870 per year. The multi-employer program guarantee for a participant with only 10 years of service caps out at $4,290 per year.”
It’s a dramatic difference.
For the single-employer program the PBGC provides participants with a nice straight forward benefits table based on your age. Below is a sample of the 2018 chart. However, the full chart with all ages can be found on the PBGC website.
What Happens To My Pension If The Company Goes Bankrupt? | Greenbush Financial Group
Given the downward spiral that GE has been in over the past year, we have received the same question over and over again from a number of GE employees and retirees: “If GE goes bankrupt, what happens to my pension?” While it's anyone’s guess what the future holds for GE, this is an important questiwww.greenbushfinancial.com
Good drop
What Happens To Your Pension If The Company Goes Bankrupt?
“PBGC’s guarantee for a 65-year-old in a failed single-employer plan can be up to $60,136 annually, while a participant with 30 years of service in a failed multi-employer plan caps out at $12,870 per year. The multi-employer program guarantee for a participant with only 10 years of service caps out at $4,290 per year.”
It’s a dramatic difference.
For the single-employer program the PBGC provides participants with a nice straight forward benefits table based on your age. Below is a sample of the 2018 chart. However, the full chart with all ages can be found on the PBGC website.
What Happens To My Pension If The Company Goes Bankrupt? | Greenbush Financial Group
Given the downward spiral that GE has been in over the past year, we have received the same question over and over again from a number of GE employees and retirees: “If GE goes bankrupt, what happens to my pension?” While it's anyone’s guess what the future holds for GE, this is an important questi
I think all this may be good for a normal company during "normal conditions". I think because they took money from the govt with that Covid stuff, they may get no benefits. This article also shows if they file chapter 7, employees will get naything.
How Does Employer Bankruptcy Affect Pensions?
Have you ever wondered what happens to your pension as a result of employer bankruptcy? You need to talk to an employment lawyer to ensure your benefits are well-protected. Legalmatch connects people to the best employment lawyers in their area. Find the right lawyer for your needs now.
www.legalmatch.com
Reading this really had nothing to do with their workers but they were not about to keep up with their payments as they went from 49,000 shipments a day last year to about 10-15k a day.
They were going to default on their govt loan to who they still owe $729m as of March yet after paying $230m off. They were in total debt of $1.5B.
They're saying they didn't cease operations to avoid a strike
This man, 82yrs old, worked there 58 years
‘It was shocking’: 58-year Kansas City employee retiring as Yellow trucking shuts down
“Everybody was shocked,” said a Kansas City-area man who was told he was Yellow Corp.’s longest serving employee before the company shut down. “A lot of people are out of work now.”
I was posting about this in some UI forum, companies don't give you any notice when they are terminating you. You are grazing in the field, getting paychecks, they roll up on you and get a headshot.
This leaves you scrambling for another opportunity which can take awhile. Meanwhile you could easily have substantial monthly expenses. Every time this happens, you are looking at $15,000 to $20,000 hit to wallet. Imagine a company having to lose four months of revenue out of the blue, their projected profit would disappear.
Companies don't give you notice because they want to keep you until the last day, don't want to pay a substantial sum of money to guarantee your employment to the end. Some will even lie about your future. Now if companies gave you a year notice, than you would not need UI benefits. UI benefits are really Employer benefits because they would have to pay a substantial amount of money to keep you in your position, they wouldn't be able to hire anybody else.
Any business attacking UI need to give notice and pay a substantial retention bonus to workers to finish out to the end.
Lol why not?
Old Dominion Freight Line Bids $1.5 Billion for Yellow Terminals
Yellow Corp. trucks at a facility in Hayward, California, US, on Wednesday, Aug. 2, 2023. The less-than-truckload carrier, which accepts shipments that don't fill a whole trailer, has been teetering in recent weeks and told workers Monday it was shutting down, according to the labor union that represents Yellow's drivers.
(Bloomberg) -- Trucking company Old Dominion Freight Line Inc. has offered $1.5 billion to acquire Yellow Corp.’s portfolio of terminals out of bankruptcy, more than a previous offer from Estes Express Lines.
The offer, disclosed in papers filed Friday in Delaware bankruptcy court, exceeds the $1.3 billion proposed stalking-horse bid Estes Express announced earlier this week. Old Dominion’s offer is also a stalking horse bid, which would set the floor price for Yellow’s terminals at a future Chapter 11 auction.
Lawyers for Yellow and Estes Express Lines didn’t immediately return messages seeking comment. Petition, a publication covering corporate distress and bankruptcy, reported the Old Dominion bid earlier.
The competing offers for Yellow’s terminals comes after the company secured a new, less expensive bankruptcy loan to fund its liquidation. Citadel Credit Master Fund LLC and hedge fund MFN Partners LP, Yellow’s largest shareholder, offered to provide $142.5 million to fund Yellow’s liquidation.
The case is Yellow Corp. 23-11069, US Bankruptcy Court District of Delaware (Wilmington).
They cleared out employee's pensions under the guise the money was needed to save the company......Old Dominion Freight Line Bids $1.5 Billion for Yellow Terminals
Yellow Corp. trucks at a facility in Hayward, California, US, on Wednesday, Aug. 2, 2023. The less-than-truckload carrier, which accepts shipments that don't fill a whole trailer, has been teetering in recent weeks and told workers Monday it was shutting down, according to the labor union that represents Yellow's drivers.
(Bloomberg) -- Trucking company Old Dominion Freight Line Inc. has offered $1.5 billion to acquire Yellow Corp.’s portfolio of terminals out of bankruptcy, more than a previous offer from Estes Express Lines.
The offer, disclosed in papers filed Friday in Delaware bankruptcy court, exceeds the $1.3 billion proposed stalking-horse bid Estes Express announced earlier this week. Old Dominion’s offer is also a stalking horse bid, which would set the floor price for Yellow’s terminals at a future Chapter 11 auction.
Lawyers for Yellow and Estes Express Lines didn’t immediately return messages seeking comment. Petition, a publication covering corporate distress and bankruptcy, reported the Old Dominion bid earlier.
The competing offers for Yellow’s terminals comes after the company secured a new, less expensive bankruptcy loan to fund its liquidation. Citadel Credit Master Fund LLC and hedge fund MFN Partners LP, Yellow’s largest shareholder, offered to provide $142.5 million to fund Yellow’s liquidation.
The case is Yellow Corp. 23-11069, US Bankruptcy Court District of Delaware (Wilmington).
Then shut the company down a month later?!!
Aye we need a federal investigation!! What those executive severance packages looking like?!!
These mfkrs are scandalous!!
Auction houses to liquidate Yellow’s tractors, trailers
Court approves use of liquidators to unwind carrier’s estate
Todd Maiden·Friday, October 27, 2023
FreightWaves
Auction houses to liquidate Yellow’s tractors, trailers
2 min
A Delaware bankruptcy court approved an order on Friday allowing Yellow Corp.’s estate to sell its rolling stock through auction houses.
The estate entered an agreement with Nations Capital, Ritchie Brothers and IronPlanet on Oct. 16 to facilitate the sale of Yellow’s fleet. The court temporarily withheld approval to give the U.S. Trustee’s office time to file objections.
The court agreed with the Trustee’s office that an affiliate of one of the auction houses needs to certify “disinterestedness” and show that its interests are “conflict-free” to the interests of Yellow’s estate. However, Judge Craig Goldblatt said that the order should move forward as time is a consideration. He advised all parties that they are “proceeding at their own peril” and his decision could be vacated if a conflict arises.
A filing to seal the commission structures of the auction houses was withdrawn on Friday.
The decision opens the door for Yellow’s fleet to be liquidated. The former less-than-truckload carrier operated more than 60,000 units, of which it owned roughly 12,000 tractors and 35,000 trailers.
The disposal companies were chosen as Yellow no longer has the staff to move the equipment, or prep it and market it for sale. Prior filings showed the liquidators will provide free storage of the units, which had been estimated to cost the estate more than $10 million monthly.
The liquidation will include approximately 2,400 tractors and 3,500 trailers Yellow purchased using a portion of a $700 million COVID-relief loan from the U.S. Treasury. The Treasury is a secured creditor to the estate and expected to recoup more than $737 million in outstanding principal and interest as Yellow’s assets are sold.
A previous filing showed that both the Treasury and a committee of unsecured creditors were supportive of the use of liquidators. The process is expected to take six months.
Bids for Yellow’s 174 owned terminals are due by Nov. 9, with an auction to take place at the end of November if needed. Estes Express Lines’ $1.525 billion stalking horse bid was chosen as the base bid for the proceeding.
The flip side is...
He drove for THEM for 30 fukin years... never saved up enough to get his own truck & start his own business???
He should be mad about that I'd nothing else. He put his eggs in somebody else's basket.
He should have retired after the 1st bail out.
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