Yellow Corp financial woes not an economy-wide issue-White House adviser

Yellow

31/07/2023 13:38

WASHINGTON, July 31 (Reuters) - White House economic
adviser Jared Bernstein said on Monday that the reported
impending bankruptcy of cash-strapped U.S. trucking company
Yellow Corp  YELL.O  does not indicate an economy-wide problem.
    The company, through a string of mergers, appeared to take
on more debt than it could handle, Jared Bernstein of the
Council of Economic Advisers, said in an interview with CNBC.
    "So I think that this looks like a more of a Yellow story
than an economy-wide one by a long shot," Bernstein said.    
    Yellow Corp 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.

 (Reporting by Doina Chiacu; Editing by Bernadette Baum)
 ((doina.chiacu@thomsonreuters.com; 202-898-8322;))