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Yellow Corp has secured settlement agreements with 14 pension plans that had been seeking more than $7.4 billion from the trucking company as part of its ongoing bankruptcy proceedings. The newly negotiated deal significantly reduces the pension claims and is expected to resolve years of litigation, according to documents filed in Delaware bankruptcy court.
Under the settlement, the pension funds agreed to accept reduced payments, allowing Yellow’s remaining assets to be distributed more efficiently. This development also frees up as much as $7.4 million for junior creditors from the proceeds of the company’s bankruptcy asset sales. However, the amount available for these creditors may be lowered if Yellow ends up with less than $550 million in cash when its bankruptcy case concludes.
Yellow, once one of the largest U.S. trucking companies, shut down operations in 2023 following a prolonged dispute with its primary employees’ union. The company subsequently sold all of its assets—including trucking terminals, real estate holdings, and its fleet of vehicles—to repay its top lenders and a COVID-19 pandemic relief loan backed by the federal government. The liquidation generated enough funds to cover senior debts but left little for unsecured creditors, including the pension plans.
Despite appealing the pension-related claims, Yellow lost its case in September. The appeals court upheld Pension Benefit Guaranty Corporation regulations that prevent employers and pension funds from using pandemic relief funds to offset pension liabilities. The court ruled that these regulations align with the intent of the 2021 American Rescue Plan Act, which was designed to stabilize underfunded multiemployer pension plans and ensure relief funds were used strictly for retiree benefits and administrative expenses.
Yellow Corp expects to have between $600 million and $700 million to distribute among all remaining creditors. The settlement marks a crucial step toward closing one of the most complex bankruptcy cases in the trucking industry.
