Workers who remain at the company could be at risk of losing their jobs as the company moves through the bankruptcy process. That figure is likely smaller now after "a large number" of Yellow employees received layoff notices on Friday, the Wall Street Journal reported. The Dow Jones Industrial Average index fell 159 points, or 0.5. Yellow employed roughly 30,000 people as of the end of 2020, a company filing shows. What happened: Bank stocks and the broader market tumbled after Moody’s announcement. (EMBK) stock quote, history, news and other vital information to help you with your stock trading and investing. Last week, the company declined to contribute to its employees' pension and health insurance plans, nearly prompting a strike. The shutdown also comes amid its ongoing, and costly, conflicts with its employees. Yellow has repaid just $230 million of the principal it owed, in addition to $54.8 million in interest payments, government documents show. The $729.2 million it now owes the federal government is due in September 2024. (PENN) stock quote, history, news and other vital information to help you with your stock trading and investing.
It ultimately settled the lawsuit and agreed to pay the Defense Department nearly $7 million.
At the time of the loan, the company was facing charges of defrauding the government by overbilling on shipments for the U.S. The shutdown comes after Yellow failed to reorganize and refinance the roughly $1.5 billion dollars it had, as of March, in outstanding debt, a large portion of which came from the $700 million pandemic-era government loan.
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