July 31 (Reuters) - Cash-strapped U.S. trucking company Yellow Corp (YELL.O) has ceased operations and is filing for bankruptcy after failing to reorganize and refinance over a billion dollars in debt, the Teamsters Union said on Sunday. Yellow, formerly called YRC Worldwide, did not immediately respond to a Reuters request for comment. The company was the third-biggest U.S. trucker specializing in the less-than-truckload segment that combines shipments from different customers in the same trailer. Earlier in the day, the Wall Street Journal reported the closure of the trucking firm's operations citing notices sent to customers and employees. On Friday, the WSJ also reported that the company has laid off a large number of nonunion workers.

Source: Wall Street Journal July 31, 2023 01:59 UTC