Yellow Corporation files voluntary Chapter 11 petitions

Goodmans LLP is acting as Canadian counsel for Yellow Corporation and its subsidiaries in connection with their ongoing recognition proceedings under Part IV of the Companies’ Creditors Arrangement Act in respect of their Chapter 11 bankruptcy proceedings.

The Debtors form an approximately 100-year-old trucking and logistics company, which boasted one of the largest less-than-truckload networks in North America that enabled Yellow to provide customers with regional, national, and international shipping services of transportation logistics and LTL services. Entering 2023, Yellow was the largest unionized LTL carrier in the United States, in addition to being the third largest LTL freight carrier and the fifth largest transportation company in North America. Yellow Corporation traded on the NASDAQ.

Throughout 2023, Yellow had been facing a severe liquidity crisis over an extended period, resulting in large part due to the International Brotherhood of Teamsters blocking Yellow’s multi-phase strategic initiative, that was intended to modernize Yellow’s business and upgrade the efficiency of its operations. The union refused the company’s proposals in connection with implementing the One Yellow initiative, which significantly impaired the company’s liquidity and ability to refinance its approximately US$1.2 billion of debt.

Goodmans has been actively involved in working with the company and its U.S. advisors to ensure the efficient coordination of these cross-border proceedings and the successful implementation of the company’s wind-down and sale efforts with regards to the Canadian Debtors and their assets and property in Canada.

Goodmans have excellent subject matter expertise and actionable strategy and advice. They give deep confidence of their ability to capably handle complex and sophisticated matters. — Chambers Canada
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Clients note, "They have a good team of very experienced lawyers who know the process, " adding, "They have a good bench strength." — Chambers Canada
Clients note, "They get our business and what we're trying to accomplish. It's not just technical advice." — Chambers Canada
One interviewee reported, "The Goodmans team as a whole is excellent," adding: "The lawyers are very responsive and get the job done. It is of great assurance to have them as our legal advisers." — Chambers Canada
One client noted, "...they handled a very complicated transaction involving many jurisdictions and did a very good job. They are always able to make comparative decisions through a relatively simple way and try to balance risk and find solutions." — Chambers Canada
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Interviewees praise the firm's work on cross-border matters, saying: "The team's coordination is superb, its work ethic unparalleled and the service excellent." — Chambers Global
One client noted, "very strong legal minds, focus in on the business issues...good communicators, include my internal team as much or as little as we may want on a particular project." — IFLR1000
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Yellow Corporation files voluntary Chapter 11 petitions

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Yellow Corporation files voluntary Chapter 11 petitions

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