Published: June 27, 2023 at 7:39 a.m. ET
By Dean Seal
Yellow Corp. is seeking $137 million in damages from the International Brotherhood of Teamsters for allegedly breaching their union contract.
The trucking company claims the union has been unjustly blocking for eight months a restructuring plan meant to modernize Yellow’s business.
Yellow…
By Dean Seal
Yellow Corp. is seeking $137 million in damages from the International Brotherhood of Teamsters for allegedly breaching their union contract.
The trucking company claims the union has been unjustly blocking for eight months a restructuring plan meant to modernize Yellow’s business.
Yellow said the proposed changes in operations are crucial if it is to survive in an industry dominated by non-union carriers, particularly given the company’s need to refinance $1.3 billion in debt from loans maturing next year.
According to Yellow, the union’s efforts to block the restructuring constitute a breach of contract.
“For many months, we have made good faith efforts to meet with the IBT to propose a path forward that works for all parties, but they refuse even to meet, let alone engage in honest talks,” management said in a statement.
A spokesperson for the union didn’t respond to a request for comment.
Write to Dean Seal at [email protected]
Credit: Source link
