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--- transportation:trucking [2025/03/02 02:27] – [Yellow Bankruptcy] timb
+++ transportation:trucking [2025/09/19 21:48] (current) – [Yellow Bankruptcy] timb
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 https://www.freightwaves.com/news/losses-at-heartland-express-continue-to-mount
+===== JB Hunt =====
+== J.B. Hunt keeps its 11-year-old debt rating from Moody’s ==
+John Kingston - Wed, March 12, 2025 at 12:59 PM PDT
+About 11 years after Moody’s first placed a Baa1 rating on J.B. Hunt’s publicly traded debt, the ratings agency this week affirmed that rating.
+It’s been a remarkable run of stability for the trucking and intermodal giant (NASDAQ: JBHT). The Baa1 rating – three notches above the dividing line between investment-grade and non-investment-grade debt – dates back to 2014.
+Baa1 is equivalent to the BBB rating of S&P Global Ratings. S&P has had a BBB rating on J.B. Hunt since 2012, though last summer it changed the outlook on the company to “stable” from “positive.”
+Moody’s already had a stable outlook on J.B. Hunt, and it retained that outlook in the affirmation of the Baa1 rating. A stable outlook at both ratings agencies means conditions are not likely to result in an upgrade or downgrade of the company anytime in the near future.
+https://finance.yahoo.com/news/j-b-hunt-keeps-11-195916808.html
+== J.B. Hunt Says Most Customers ‘Waiting for the Dust to Settle’ on Tariffs ==
+Glenn Taylor - Thu, April 17, 2025 at 5:55 AM PDT
+With uncertainty in global trade set to compound the struggles already endured by many logistics companies amid a nearly three-year freight recession, the pressure is on for transportation and trucking provider J.B. Hunt.
+As J.B. Hunt’s customers currently plan for multiple “what-if” scenarios in the wake of President Donald Trump’s spate of tariffs, “most of them are waiting for the dust to settle on their short- and long-term business strategies,” said Spencer Frazier, executive vice president of sales and marketing, in an earnings call.
+https://finance.yahoo.com/news/j-b-hunt-says-most-125505784.html
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 ===== Knight-Swift =====
+==== Board ====
+== Knight-Swift adds LTL veteran to board as it targets Northeast expansion ==
+Todd Maiden - Fri, March 14, 2025 at 8:19 AM PDT
+Knight-Swift Transportation announced Friday that Doug Col, former chief financial officer at less-than-truckload carrier Saia, joined its board of directors effective Thursday.
+Col retired from Saia in May after 10 years of service. He joined in 2014 as vice president and treasurer and was tapped to be CFO in 2020.
+Col joins Knight-Swift (NYSE: KNX) as it looks to add a major presence in the Northeast – the last significant hole in what will become a national LTL footprint.
+He was with Saia (NASDAQ: SAIA) when it kicked off a Northeast expansion campaign in 2017 that eventually added more than 20 terminals. He also helped the carrier navigate a $1 billion capex budget last year that included $550 million in real estate acquisitions, including a 28-terminal, $236 million portfolio from bankrupt carrier Yellow Corp. (OTC: YELLQ).
+https://finance.yahoo.com/news/knight-swift-adds-ltl-veteran-151950897.html
 ==== Salary ====
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 https://finance.yahoo.com/news/yellow-settles-warn-claims-nonunion-150631041.html
+== Yellow’s 325-door California terminal fetches $55M ==
+Todd Maiden - Wed, March 19, 2025 at 8:44 AM PDT
+In dribs and drabs, bankrupt Yellow Corp.’s handlers continue to liquidate assets. A Tuesday filing with the U.S. Bankruptcy Court in Delaware showed the estate will fetch $55 million for terminating a lease on a 325-door property in Bloomington, California.
+The filing said the offer represents the “highest or otherwise best value for the Lease” after Yellow (OTC: YELLQ) marketed the property for 20 months through its broker CBRE and its bankruptcy adviser Ducera.
+The landlord is listed as NATMI LPF Bloomington L.P. The group called on the court in September to compel Yellow to provide adequate insurance at the Bloomington facility as well as other terminals it was leasing to the carrier.
+A Monday hearing in the Delaware court revealed Yellow had $550 million in cash, a more than $200 million increase from what was listed on its latest monthly operating report for January. Those funds will be distributed to the company’s remaining creditors, who include former employees due paid time off and commissions.
+https://finance.yahoo.com/news/yellow-325-door-california-terminal-154421359.html
+== Yellow, Creditors Agree on Bankruptcy Plan, Key Shareholder Holds Out ==
+Glenn Taylor - Tue, April 1, 2025 at 10:21 AM PDT
+Yellow appears to have most of its latest bankruptcy plan squared away. The former trucking firm’s estate submitted an amended Chapter 11 plan to a U.S. bankruptcy court Friday.
+But while that deal has the support of Yellow’s creditors’ committee, it still does not have the backing of the firm’s largest shareholder.
+The joint Chapter 11 plan, filed in Delaware, details a settlement structure that would substantially reduce the billions in claim amounts asserted against Yellow’s estate by multiple pension funds. It also establishes that unsecured creditors will recover within a range of 12 to 17 percent of their original claims. The range is narrowed from the prior plan, which would have recovered the lenders anywhere from none of the claims to 26 percent.
+The pension funds’ liability claims now add up to $3.3 billion, with the firms expected to see a recovery between 12 percent and 16 percent. These claims include those from Yellow’s largest pension provider, Central States Pension Fund, which now shows $1.7 billion in withdrawal liability and contribution claims. This number is a substantial cut for Yellow—down from the $5.8 billion Central States originally claimed, with $4.8 billion tied to the withdrawal liability.
+Claims from 10 other pension funds account for more than $1.6 billion of the $3.3 billion claims pool. Yellow’s estate got a significant reprieve with the new plan, as the prior claims across all the pension funds totaled roughly $7.5 billion.
+https://finance.yahoo.com/news/yellow-creditors-agree-bankruptcy-plan-172112671.html
+== Yellow’s new bankruptcy plan revealed, next steps still uncertain ==
+A U.S. bankruptcy court in Delaware said it would delay a ruling to give Yellow's creditors and shareholder MFN Partners more time to negotiate a final resolution. (Photo: Jim Allen/FreightWaves)
+Todd Maiden - Mon, March 31, 2025 at 12:13 PM PDT
+An amended Chapter 11 bankruptcy plan outlining final distributions to Yellow Corp.’s creditors was submitted to a U.S. bankruptcy court in Delaware on Friday. As with the prior plan, the latest iteration would make former employees whole for their priority claims of unpaid time off and commissions due. The current version is backed by Yellow and the defunct estate’s committee of unsecured creditors but may not have the support of a key party in interest.
+Classes for secured, priority, employee PTO and convenience claims totaling as much as $706 million would see a full recovery under the proposed plan. Payout ratios for general unsecured claims were narrowed to 12% to 17% versus prior scenarios that provided 0% to 26% recovery. Claims and interests held by debtors against other debtors would be deemed impaired and not eligible for a recovery.
+Employee claims against Yellow (OTC: YELLQ) totaling $30 million to $40 million for “unpaid vacation or paid time off pay, sick pay, or sales commissions” remain unimpaired and subject to 100% recovery. This class of claims doesn’t include individual employee claims or Worker Adjustment and Retraining Notification Act claims.
+https://finance.yahoo.com/news/yellow-bankruptcy-plan-revealed-next-191333371.html
+== Yellow Corp. loses pension claims appeal ==
+Todd Maiden - Wed, September 17, 2025 at 12:37 PM PDT
+An effort from defunct Yellow Corp. and its majority shareholder MFN Partners to overturn a ruling requiring it to pay pension withdrawal liabilities was shot down in a federal appeals court on Tuesday.
+The U.S. Court of Appeals for the Third Circuit ruled with a federal bankruptcy court in Delaware, saying the fact that various pension funds Yellow once contributed to received federal bailout money doesn’t absolve the former less-than-truckload carrier from liabilities tied to its abrupt shutdown and exit from those plans.
+Employers party to multiemployer pension plans (MEPPs) are required to pay their allocable share of unfunded vested benefits when exiting a plan.
+Withdrawal liability claims attached to Yellow once totaled more than $6.5 billion, roughly $4.8 billion of which were held by Central States Pension Fund. Yellow argued that the plans are now fully funded following a 2021 pension fund bailout package and that it owes little to nothing to the plans that covered roughly 22,000 of its union employees.
+https://finance.yahoo.com/news/yellow-corp-loses-pension-claims-193724688.html
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+====== Port ======
+== China shipowners group says US port fee proposal breaks WTO rules, US law ==
+Thu, March 13, 2025 at 10:33 AM PDT - Lisa Baertlein
+LOS ANGELES (Reuters) - The China Shipowners' Association opposes a U.S. proposal to slap hefty port entry fees on ocean cargo carriers that own or have ordered vessels from China, saying it violates international rules and U.S. laws, according to a statement seen by Reuters on Thursday.
+U.S. President Donald Trump's administration aims to partially pay for an American shipbuilding comeback with those fees, according to a draft executive order seen by Reuters.
+The CSA's members include China's COSCO Shipping, which is expected to be among the hardest hit by the fees proposed by the U.S. trade representative as part of that agency's investigation into China's growing domination of global shipping.
+In a comment filed on the USTR site, CSA called the agency's proposed actions discriminatory and said they violate World Trade Organization rules as well as WTO dispute settlement rulings.
+The USTR's move also violates the 2003 Sino-U.S. Maritime Agreement, CSA said, adding that it violates U.S. laws and rules.
+The proposals exceed the statutory authority of the USTR, infringe on the jurisdiction of the Federal Maritime Commission, violate the standards for agency action under the Administrative Procedure Act and violate the Export Clause of the U.S. Constitution, the group said.
+Global shipping executives have warned that the proposal could spark chaos in supply chains and backfire on the United States by heaping $30 billion in annual costs on American consumers and doubling the cost of shipping U.S. exports.
+https://finance.yahoo.com/news/china-shipowners-group-says-us-173348013.html