Yellow Corp: going-concern / distress — Yellow Corporation files Chapter 11, plans wind-down, 30,000 jobs lost

The filing of the Chapter 11 Cases constitutes an event of default that accelerated the Company’s obligations under the following debt instruments and agreements (collectively, the “ Debt Instruments ”): • Amended and Restated Credit Agreement, dated as of September 11, 2019, as amended, by and among the Company, certain of the Company’s subsidiaries party thereto from time to time, the lenders party thereto from time to time and Alter Domus Products Corp., as administrative agent and collateral agent; • Loan and Security Agreement, dated as of February 13, 2014, as amended, among the Company, as administrative borrower, the other borrowers named therein, the guarantors party thereto from time to time, certain financial institutions from time to time party thereto as lenders, and Citizens Business Capital, a division of Citizens Asset Finance, Inc. (a subsidiary of Citizens Bank, N.A.), as agent, and Citizens Bank, N.A. and PNC Capital Markets LLC, as joint lead arrangers and joint boo

The filing of the Chapter 11 Cases constitutes an event of default that accelerated the Company’s obligations under the following debt instruments and agreements (collectively, the “ Debt Instruments ”): • Amended and Restated Credit Agreement, dated as of September 11, 2019, as amended, by and among the Company, certain of the Company’s subsidiaries party thereto from time to time, the lenders party thereto from time to time and Alter Domus Products Corp., as administrative agent and collateral agent;

The filing of the Chapter 11 Cases constitutes an event of default that accelerated the Company’s obligations under the following debt instruments and agreements (collectively, the “ Debt Instruments ”): • Amended and Restated Credit Agreement, dated as of September 11, 2019, as amended, by and among the Company, certain of the Company’s subsidiaries party thereto from time to time, the lenders party thereto from time to time and Alter Domus Products Corp., as administrative agent and collateral agent; • Loan and Security Agreement, dated as of February 13, 2014, as amended, among the Company, as administrative borrower, the other borrowers named therein, the guarantors party thereto from time to time, certain financial institutions from time to time party thereto as lenders, and Citizens Business Capital, a division of Citizens Asset Finance, Inc. (a subsidiary of Citizens Bank, N.A.), as agent, and Citizens Bank, N.A. and PNC Capital Markets LLC, as joint lead arrangers and joint boo

On August 6, 2023 (the “ Petition Date ”), Yellow Corporation (the “ Company ”) and certain of its direct and indirect subsidiaries (collectively, the “ Company Parties ”) filed a voluntary petition (the “ Chapter 11 Cases ”) under Chapter 11 of the U.S. Bankruptcy Code (the “ Bankruptcy Code ”) in the U.S. Bankruptcy Court for the District of Delaware (the “ Bankruptcy Court ”).

Additionally, as of July 31, 2023, each of Mr. Doheny and Javier Evans resigned from their position as a director on the Board.

On July 27, 2023, Douglas Carty replaced Matthew Doheny as the Chair of the Board of Directors of the Company (the “ Board ”).

Additionally, as of July 31, 2023, each of Mr. Doheny and Javier Evans resigned from their position as a director on the Board.

Simultaneously with Mr. Carty’s appointment as the Chair of the Board, Mr. Doheny assumed his role as the Company’s Chief Restructuring Officer (“ CRO ”).