$700 million treasury loan

Bankrupt Yellow repays principal, interest on COVID loan

Bankrupt Yellow Corp. said it repaid the $700 million COVID-relief loan it received from the U.S. Treasury in 2020. In addition to the principal amount, it repaid more than $151 million in interest, a late Monday statement read.

The controversial loan was viewed as an unwarranted bailout by some and outside the scope of the CARES Act, which established a lending program to help companies fund near-term liquidity needs associated with lost business from COVID-related lockdowns.

The defunct...

https://www.freightwaves.com/news/bankrupt-yellow-repays-principal-interest-on-covid-loan

Probe suggests Trump administration influenced pandemic relief loan to Yellow

Yellow Corp. loan center of another investigation

New claims surfaced Wednesday on how the $700 million pandemic relief loan made to LTL carrier Yellow Corp., formerly YRC Worldwide, came to be.

A press release issued by a Democrat-led committee investigating “waste, fraud, and abuse” in the CARES Act lending program said the group was seeking records from the Trump White House regarding its correspondence pertaining to the bailout loan made to Yellow (NASDAQ: YELL). In a Tuesday letter, Rep. James Clyburn, chairman of the Select Subcommittee...

https://www.freightwaves.com/news/probe-suggests-trump-administration-influenced-pandemic-relief-loan-to-yellow

Yellow’s interim CFO assumes role permanently

CFO Dan Olivier has logged more than 25 years at Yellow and YRC

Less-than-truckload carrier Yellow Corp. announced Monday that interim CFO Dan Olivier will hold the position on a permanent basis effective immediately.

Olivier assumed CFO duties last October, following the resignation of Jamie Pierson. Pierson ran Yellow’s (NASDAQ: YELL) books when it obtained a $700 million CARES Act loan in July 2020. That loan has been highly scrutinized since by members of Congress and remains an item of interest in an ongoing probe.

A recent filing shows shares received...

https://www.freightwaves.com/news/yellows-interim-cfo-assumes-role-permanently

Congress escalates probe into Yellow’s $700M COVID loan

Congress is stepping up its scrutiny of Yellow Corp. (NASDAQ: YELL) and its $700 million CARES Act relief loan following reports alleging the company may have been ineligible for the funds and then misused them.

In letters sent on Thursday to Treasury Secretary Janet Yellen, Department of Defense (DOD) Secretary Lloyd Austin, Yellow CEO Darren Hawkins and Crowley Logistics, Rep. James Clyburn, D-S.C., chairman of the Select Subcommittee on the Coronavirus Crisis, requested documents on whether...

https://www.freightwaves.com/news/congress-escalates-probe-into-yellows-700m-covid-loan

Oversight panel says Yellow increased lobbying efforts ahead of $700M loan

Oversight commission questions Yellow's importance to national security

The latest report from the congressional oversight commission tasked with monitoring COVID relief loans showed that less-than-truckload carrier Yellow Corp. (NASDAQ: YELL), formerly YRC Worldwide, was likely not as “critical to maintaining national security” as suggested by the Department of Defense and the Treasury.

The Friday report from the commission said that the carrier likely provided only 20% to 40% of the DOD’s LTL services, not the 68% stated by the DOD and Treasury when providing the...

https://s29755.pcdn.co/news/oversight-panel-says-yellow-increased-lobbying-efforts-ahead-of-700m-loan

Yellow takes delivery of 1,200 tractors as part of Treasury relief loan

Day cabs roll off Peterbilt assembly line in Denton, Texas

Less-than-truckload carrier Yellow Corp. (NASDAQ: YELL) announced Tuesday it will take delivery of 1,200 tractors as part of its ongoing restructuring initiatives.

The Overland Park, Kansas-based company facilitated the equipment purchase using the second tranche of a $700 million Treasury loan the company received in 2020. The highly scrutinized loan made to the carrier described as in “precarious financial condition” at the time was done so under a special carve-out afforded under the CARES...

https://www.freightwaves.com/news/yellow-takes-delivery-of-1200-tractors-as-part-of-treasury-relief-loan

YRC next-day regional service expands in mid-Atlantic

YRC Freight expands next-day service

Less-than-truckload carrier YRC Worldwide (NASDAQ: YRCW) announced Monday the further expansion of YRC Freight’s regional next-day service. The service will now be offered out of 13 terminals throughout the mid-Atlantic.

The Overland Park, Kansas-based carrier said the service will run out of selected terminals throughout Maryland, Delaware, Virginia, North Carolina and Washington, D.C. Richmond, Virginia, will be the hub for the region.

“Through Regional Next-Day service, we’ve enhanced...

https://www.freightwaves.com/news/yrc-next-day-regional-service-expands-in-mid-atlantic

Oversight commission seeks YRC pricing details

Oversight commission has more questions

A Thursday report from the commission overseeing COVID-relief loans showed a request on Monday to U.S. Transportation Command seeking more information about correspondence it had with prime contractor Crowley Logistics regarding less-than-truckload subcontractor YRC Worldwide (NASDAQ: YRCW).

U.S. Transportation Command is tasked by the Department of Defense to provide the transportation required for national security.

The commission has had concerns with the $700 million relief loan made to YRC,...

https://www.freightwaves.com/news/oversight-commission-seeks-yrc-pricing-details

‘National security’ designation for $700M YRC loan ‘amiss’

Defense Department latest to be scrutinized by oversight commission on YRC loan

The latest report from the congressional oversight commission monitoring COVID-relief loans, including the $700 million loan made to less-than-truckload carrier YRC Worldwide (NASDAQ: YRCW), finds shortcomings in the decision-making process on behalf of the Defense and Treasury departments.  

The main sticking points for the commission have been the designation of YRC as a company “critical to maintaining national security” and the Treasury Department’s underwriting of a loan to provide...

https://www.freightwaves.com/news/national-security-designation-for-700m-yrc-loan-amiss

Mnuchin would not have made $700M loan to YRC

YRC loan focal point of commission hearing

In a largely uncontentious commission hearing Thursday over the national security loan program, Treasury Secretary Steven Mnuchin acknowledged the $700 million loan made to less-than-truckload carrier YRC Worldwide (NASDAQ: YRCW) was “risky” and one that he would have not made.

Facing questions from the oversight commission tasked with monitoring the distribution of federal loans established under the Coronavirus Aid, Relief and Economic Security (CARES) Act, Mnuchin said he was encouraged by...

https://s29755.pcdn.co/news/mnuchin-would-not-have-made-700m-loan-to-yrc

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