$700 million bailout

YRC loan under scrutiny; board shied away from company stock in 2019

YRC double on highway

The Treasury Department’s decision to provide debt-burdened less-than-truckload (LTL) carrier YRC Worldwide (NASDAQ: YRCW) $700 million in financing has drawn scrutiny from members of Congress.

A Monday report from the Congressional Oversight Commission created by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), calls into question the designation of YRC, which provides 68% of LTL services to the Defense Department, as a “business critical to maintaining national security.”

Unde...

https://s29755.pcdn.co/news/yrc-loan-under-scrutiny;-board-shied-away-from-company-stock-in-2019

Trying to make sense of the YRC bailout

YRC Freight double in the desert

The claws are coming out already, with some industry onlookers questioning the government’s rationale behind making a huge loan to less-than-truckload (LTL) carrier YRC Worldwide (NASDAQ: YRCW), a perpetually struggling company and one that the government’s own Defense Department alleges overcharged it for services. The loan’s placement under the umbrella of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which is intended to help businesses survive the economic downturn caused...

https://s29755.pcdn.co/news/trying-to-make-sense-of-the-yrc-bailout

YRC gives government 30% stake in its latest financial bailout

YRC Freight triple on highway

YRC Worldwide (NASDAQ: YRCW) unveiled plans of a new $700 million lending agreement with the U.S. Department of the Treasury, which in turn will receive a stake of nearly 30% in the company.

The July 1 press release outlines the latest lifeline for the less-than-truckload (LTL) carrier. The loan comes from a federal lending program under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which is intended to help businesses survive the economic downturn caused by COVID-19 and...

https://www.freightwaves.com/news/yrc-gives-government-30-stake-in-its-latest-financial-bailout

Breaking News: YRC to receive $700 million CARES Act loan

YRC Freight truck

YRC Worldwide (NASDAQ: YRCW) announced it expects to receive a $700 million loan from the United States Department of the Treasury under the CARES Act.

The largest less-than-truckload (LTL) carrier has been facing mounting financial pressure amid the pandemic to fund obligations to its 30,000 employees. The company is delinquent in making health and welfare as well as pension payments to funds that support its union and non-union employees.

The press release said the company plans to use the...

https://www.freightwaves.com/news/breaking-news-yrc-to-receive-700-million-cares-act-loan