Yellow | Chapter 11…
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Just because they won't die doesn't mean very many of the 30,000 will still be a part of it going forward.
FRTCHUCKER
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The company stated in it's press release they are Liquidating under chapter 11 provisions.
slavenomore
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What Is The Difference Between Chapter 7, 11 And 13 | Bankruptcy Types
What is the difference between Chapter 7, 11 and 13? The attorneys at Bunch & Brock Law explain the differences between types of bankruptcy.
www.bunchandbrocklaw.com
"While Chapter 7 is about liquidating a business or personal debt, Chapter 11 is designed to reorganize crippling debt while keeping a business open and maintaining day-to-day operations. Many large companies file under Chapter 11 of the Bankruptcy Code rather than Chapter 7 because they can still run their business, control the bankruptcy process and attempt to become profitable again while seeking protection from their creditors. As in other bankruptcies, collection efforts by creditors are automatically halted. Management continues to operate the company, but all significant business decisions must be approved by a bankruptcy court, which can grant complete or partial relief of the company’s debts and contractual obligations. Typical contracts and debts that can be cancelled under Chapter 11 include supply and vendor contracts, loans, real estate leases, and other obligations. Generally, a Chapter 11 bankruptcy can take six months to a year in court, depending on the complexity. It is also a more expensive form of bankruptcy than Chapter 7, but the goal is to return a business to profitability."
Chapter 7 requires an investigator appointed by the court to investigate officers of Yellow for any misconduct or illegal activities in respect to finances. Chapter 11 does not require this investigation. In my opinion, this is the smoking gun.
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Your right they did But it’s a corporation that never tells the truth.
Your post identifies something that some are unwilling to recognize. Any Chapter 11 reorganization MUST be approved by the court. Which will include an examination of whether or not the "plan" has a reasonable chance of success. Given the "track record" of Yellow, a successful Chapter 11 reorganization is extremely unlikely. For OBVIOUS reasons.What Is The Difference Between Chapter 7, 11 And 13 | Bankruptcy Types
What is the difference between Chapter 7, 11 and 13? The attorneys at Bunch & Brock Law explain the differences between types of bankruptcy.
"While Chapter 7 is about liquidating a business or personal debt, Chapter 11 is designed to reorganize crippling debt while keeping a business open and maintaining day-to-day operations. Many large companies file under Chapter 11 of the Bankruptcy Code rather than Chapter 7 because they can still run their business, control the bankruptcy process and attempt to become profitable again while seeking protection from their creditors. As in other bankruptcies, collection efforts by creditors are automatically halted. Management continues to operate the company, but all significant business decisions must be approved by a bankruptcy court, which can grant complete or partial relief of the company’s debts and contractual obligations. Typical contracts and debts that can be cancelled under Chapter 11 include supply and vendor contracts, loans, real estate leases, and other obligations. Generally, a Chapter 11 bankruptcy can take six months to a year in court, depending on the complexity. It is also a more expensive form of bankruptcy than Chapter 7, but the goal is to return a business to profitability."
RumRunner1
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The COO could be entered as part of the restructuring agreement, on paper it should suffice as something that could work.
RumRunner1
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What everyone fails to look at is that just weeks before the missed payment the company was begging for the COO to approved in order to get financing which would lead to the New Deal. There is no reason to believe anything should've changed in the eyes of the court. Why wouldnt the COO and adequate financing not work now? Remove Hawkins and any board member that believes Liquidation is the only path forward.
Unless of course you actually look at where it was already implemented.
I think you are wrong:
When large corporations file for bankruptcy, there are frequently many creditors vying to collect whatever assets will be available either through a straight liquidation under Chapter 7 or after a sale or reorganization process under Chapter 11. In Chapter 11 proceedings, the United States Trustee Program will appoint a committee of unsecured creditors, generally composed of creditors holding the largest unsecured claims against the debtor.[3] The committee and its members are statutorily charged with a fiduciary duty to protect the interests of all unsecured creditors.
Rule 2004 of the Federal Rules of Bankruptcy Procedure vests the committee and other stakeholders with broad powers to "investigate the acts, conduct, assets, liabilities, and financial condition of the debtor, the operation of the debtor's business and the desirability of the continuance of such business and other matter relevant to the case of the formulation of a plan."[4]
so, sccording to the NYT, they owe Amazon 2 mil and Home Depot 1.7 mil. this is hilarious. they were basically hauling this freight for free. damn right if im either company i'm gonna keep shipping with Yellow. it's costing me nothing while making Yellow's bill higher. in regards to service failures, alot of these big box shippers don't give a you know what about that, it's the little guys who do. in the end, it's all about the money for the big boys
FRTCHUCKER
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You obviously have never been involved in witnessing a large chapter 11 take place. Yellow is Liquidating. If they planned to stay in business they wouldn't have wound down all operations.What Is The Difference Between Chapter 7, 11 And 13 | Bankruptcy Types
What is the difference between Chapter 7, 11 and 13? The attorneys at Bunch & Brock Law explain the differences between types of bankruptcy.
"While Chapter 7 is about liquidating a business or personal debt, Chapter 11 is designed to reorganize crippling debt while keeping a business open and maintaining day-to-day operations. Many large companies file under Chapter 11 of the Bankruptcy Code rather than Chapter 7 because they can still run their business, control the bankruptcy process and attempt to become profitable again while seeking protection from their creditors. As in other bankruptcies, collection efforts by creditors are automatically halted. Management continues to operate the company, but all significant business decisions must be approved by a bankruptcy court, which can grant complete or partial relief of the company’s debts and contractual obligations. Typical contracts and debts that can be cancelled under Chapter 11 include supply and vendor contracts, loans, real estate leases, and other obligations. Generally, a Chapter 11 bankruptcy can take six months to a year in court, depending on the complexity. It is also a more expensive form of bankruptcy than Chapter 7, but the goal is to return a business to profitability."
They were giving away free freight to Amazon and Home Depot and not making a profit?
Hopefully they will be investigated either way.I think you are wrong:
When large corporations file for bankruptcy, there are frequently many creditors vying to collect whatever assets will be available either through a straight liquidation under Chapter 7 or after a sale or reorganization process under Chapter 11. In Chapter 11 proceedings, the United States Trustee Program will appoint a committee of unsecured creditors, generally composed of creditors holding the largest unsecured claims against the debtor.[3] The committee and its members are statutorily charged with a fiduciary duty to protect the interests of all unsecured creditors.
Rule 2004 of the Federal Rules of Bankruptcy Procedure vests the committee and other stakeholders with broad powers to "investigate the acts, conduct, assets, liabilities, and financial condition of the debtor, the operation of the debtor's business and the desirability of the continuance of such business and other matter relevant to the case of the formulation of a plan."[4]
I think the creditors will determine whether they stole money is what I am saying. They are the trustees.