Exclusive: Trucking firm prepares long-shot bid for Yellow, seeks US Treasury support

Semi truck trailers are pictured at freight trucking company Yellows terminal near the Otay Mesa border crossing between the U.S. and Mexico in San Diego, California, U.S., August 7, 2023 after the company filed for bankruptcy protection..

Oct 30 (Reuters) - 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 (YELLQ.PK) from bankruptcy liquidation and bring back some 30,000 union jobs, according to multiple sources familiar with the discussions...

The previously unreported effort by Jack Cooper Transport, a trucking company that counts General Motors (GM.N),.

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...

Those discussions, which include the Teamsters, have ramped up in recent weeks, sources said.. Lael Brainard, head of the White House National Economic Council, and Brendan Danaher, the White House's top labor adviser, have received inquiries about a potential Jack Cooper bid and the White House has been kept up to date by stakeholders on the effort, the sources said...

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