Carrying approximately $1.5 billion in debt! The United States, a nearly century old enterprise, may apply for bankruptcy protection in logistics | History | Enterprise
According to multiple media reports in the United States, due to a deep financial crisis, the nearly century old logistics company in the United States, Yale Freight Company, may apply for bankruptcy protection on July 31.
According to multiple US media reports on the 28th, local logistics industry publications cited a memo from the company stating that the freight company will "cease normal operations" on the same day and lay off a batch of employees, the number of which is currently unclear. Industry insiders say that the company has stopped receiving new freight orders and is currently only processing orders that are already in the system.
Industry insiders have stated that the company is facing long-term debt problems, with poor operating conditions and insufficient cash flow to support long-term operations. Data shows that as of the end of March this year, the company's outstanding debt was approximately $1.5 billion, including approximately $730 million owed to the federal government. The first quarter results released in May this year showed that the company suffered a total loss of $54.6 million.
![Carrying approximately $1.5 billion in debt! The United States, a nearly century old enterprise, may apply for bankruptcy protection in logistics | History | Enterprise](https://a5qu.com/upload/images/832b0c8580723487379fb1aa01a50351.jpg)
As of the end of June, the company has approximately $100 million in cash, and the daily cash consumption may reach up to $10 million. Last weekend, the company just compensated over $50 million in unpaid worker benefits and pensions.
Headquartered in Nashville, Tennessee, the company was founded in 1924, and now has about 30000 employees in the United States, including Wal Mart, Home Depot and other large retailers.