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SENATOR HAWLEY CALLS ON U.S. TREASURY TO HELP SAVE TEAMSTER JOBS FROM YELLOW BANKRUPTCY
Missouri Senator Josh Hawley has joined a growing chorus of lawmakers in Congress who are urging the Department of the Treasury to take action to preserve union trucking jobs amid Yellow Corp.'s bankruptcy. Yesterday, Hawley sent a formal letter to Treasury Secretary Janet Yellen to raise concerns about Teamster jobs being jeopardized due to years of company mismanagement.
Echoing a letter to Treasury earlier this week from Senators Ed Marky and Elizabeth Warren, Hawley pressed for Secretary Yellen to modify the maturity date of Yellow's outstanding CARES Act loans, which could allow another buyer to acquire Yellow and save its workforce.
"Executives, not employees, are responsible for corporate failures," Hawley wrote. "After years of mismanagement, this once-venerable trucking company filed for bankruptcy earlier this year, jeopardizing tens of thousands of positions — including about 750 union jobs in my home state of Missouri. Now, the company is at risk of being effectively sold for parts, with its facilities being sold to one buyer and its fleet of moveable assets being sold to another. If that happens, Yellow's employees won't only lose their jobs — which would be bad enough. These workers will also lose a significant portion of their earned benefits, such as accrued vacation time, sick pay, insurance contributions, pensions, and so on. Despite years of faithful service, they will be given the short straw."
Hawley's letter points out that it doesn't have to be this way. By pushing back the due date of its federal loan, Yellow would be able to secure a buyer to keep it in business and keep its union workforce employed. He notes that one company has already emerged as a potential buyer. By modifying Yellow's loan, Treasury has the power to help facilitate the sale and save thousands of Teamster jobs.
Teamsters are continuing to fight for major corporate bankruptcy reform to protect workers from bad corporate behavior.
“We thank Senator Hawley for standing up on behalf of hardworking Teamsters who sacrificed billions of dollars in wages, benefits, and retirement security to keep Yellow afloat for the last 20 years," said General President Sean M. O’Brien. "The Teamsters Union will not rest until justice is done for our members at Yellow and their families.”
Read letter: https://teamster.org/wp-content/uplo...-to-Yellen.pdf
More...
Missouri Senator Josh Hawley has joined a growing chorus of lawmakers in Congress who are urging the Department of the Treasury to take action to preserve union trucking jobs amid Yellow Corp.'s bankruptcy. Yesterday, Hawley sent a formal letter to Treasury Secretary Janet Yellen to raise concerns about Teamster jobs being jeopardized due to years of company mismanagement.
Echoing a letter to Treasury earlier this week from Senators Ed Marky and Elizabeth Warren, Hawley pressed for Secretary Yellen to modify the maturity date of Yellow's outstanding CARES Act loans, which could allow another buyer to acquire Yellow and save its workforce.
"Executives, not employees, are responsible for corporate failures," Hawley wrote. "After years of mismanagement, this once-venerable trucking company filed for bankruptcy earlier this year, jeopardizing tens of thousands of positions — including about 750 union jobs in my home state of Missouri. Now, the company is at risk of being effectively sold for parts, with its facilities being sold to one buyer and its fleet of moveable assets being sold to another. If that happens, Yellow's employees won't only lose their jobs — which would be bad enough. These workers will also lose a significant portion of their earned benefits, such as accrued vacation time, sick pay, insurance contributions, pensions, and so on. Despite years of faithful service, they will be given the short straw."
Hawley's letter points out that it doesn't have to be this way. By pushing back the due date of its federal loan, Yellow would be able to secure a buyer to keep it in business and keep its union workforce employed. He notes that one company has already emerged as a potential buyer. By modifying Yellow's loan, Treasury has the power to help facilitate the sale and save thousands of Teamster jobs.
Teamsters are continuing to fight for major corporate bankruptcy reform to protect workers from bad corporate behavior.
“We thank Senator Hawley for standing up on behalf of hardworking Teamsters who sacrificed billions of dollars in wages, benefits, and retirement security to keep Yellow afloat for the last 20 years," said General President Sean M. O’Brien. "The Teamsters Union will not rest until justice is done for our members at Yellow and their families.”
Read letter: https://teamster.org/wp-content/uplo...-to-Yellen.pdf
More...