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Spice Up Your Life with Homemade Pumpkin Spice: No Bake Pie | SaltWire #shortsvideo #cookingshorts - One of the largest U.S. privately owned auto transport companies is quietly mounting a long-shot bid - with increasing help from the Biden administration - to rescue trucking giant Yellow Corp from bankruptcy liquidation and bring back some 30,000 union jobs, according to multiple sources familiar with the discussions.
U.S. Senators including Democrat Sherrod Brown, Republican Roger Marshall and Bernie Sanders, an Independent, asked the Treasury Department in separate letters reviewed by Reuters to extend the maturity date for $700 million in COVID pandemic loans given to Yellow Corp by the Trump administration in 2020, in exchange for the government taking a stake of nearly 30% in the company.
The White House said it was referring all Jack Cooper stakeholder inquiries to the Treasury Department. Treasury had no comment on whether it was considering a loan extension."It is unfortunately necessary for Treasury to take these steps to save tens of thousands of union jobs that have already experienced hardship due to Yellow’s years of mismanagement," Democratic U.S. senators including Bob Casey from Pennsylvania and Tammy Baldwin of Wisconsin wrote.
The Biden administration has embraced the nation's union workforce and has tried to drive down inflationary costs associated with spikes in transport costs, making any deal that keeps trucks and drivers on the roads politically attractive.Yellow, formerly known as YRC, is one of the nation's largest so-called less-than-truck load carriers in the U.S. Its customers include Walmart and Home Depot.
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