Teamsters Refute Yellow's Accusation of Union Involvement in Trucking Firm's Bankruptcy
💸 Teamsters Refute Yellow's Accusation of Union Involvement in Trucking Firm's Bankruptcy.
The International Brotherhood of Teamsters has rejected Yellow Corp.'s attempt to blame the union for the company's financial troubles leading to bankruptcy. Teamsters President Sean O'Brien stated that the union had sacrificed billions to support Yellow, while the company mismanaged its finances and failed to take responsibility for its actions. Yellow's management accused the union of using destructive tactics, leading to the company's demise. The trucking company filed for Chapter 11 bankruptcy, aiming to sell assets to cover its debts. The union claims that Yellow wanted to break the company into pieces to avoid its obligations under the collective bargaining agreement. Bankruptcy experts note that unions are rarely involved in pushing a company into insolvency but often end up with little recourse in bankruptcy proceedings.
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