$700 million treasury loan

$700M YRC loan to get attention at congressional hearing

YRC loan will be topic of congressional hearing

The rationale behind the $700 million pandemic-relief loan made to less-than-truckload (LTL) carrier YRC Worldwide (NASDAQ: YRCW) appears to be a likely topic during an upcoming congressional hearing on the national security loan program established under the Coronavirus Aid, Relief and Economic Security (CARES) Act.

The seventh report from the congressional commission overseeing the distribution of federal loans made to businesses negatively impacted by the pandemic noted “serious concerns”...

https://s29755.pcdn.co/news/yrc-loan-to-be-topic-at-congressional-hearing

YRC rolls new name, fleet, CFO, board seats into Q3 report

Yellow and YRC Freight trailers on highway

Less-than-truckload (LTL) carrier YRC Worldwide (NASDAQ: YRCW) announced a bunch of changes in its third-quarter report — likely none bigger than its draw on the second tranche of a $700 million Treasury loan.

After months of scrutiny over the Treasury’s underwriting of a relief loan to YRC and the Defense Department’s designation that the carrier was a “business critical to maintaining national security,” a classification allowing it to qualify for the loan, YRC has drawn the first $75 million...

https://s29755.pcdn.co/news/yrc-rolls-new-name-fleet-cfo-board-seats-into-q3-report

YRC taps loan agreement for fleet investment; CFO resigns

Yellow double on highway

Less-than-truckload (LTL) carrier YRC Worldwide (NASDAQ: YRCW) announced that it has drawn $75 million in funds from the $400 million second tranche of the $700 million Treasury loan it received as part of the government’s pandemic relief lending program.

On Monday, the Overland Park, Kansas-based company reported a third-quarter loss of just $2 million, or 4 cents per share, significantly better than consensus estimates of a loss of 25 to 28 cents per share. The result was also much improved...

https://s29755.pcdn.co/news/yrc-taps-loan-agreement-for-fleet-investment

Oversight commission still waiting on Pentagon’s explanation of YRC loan

YRC double on highway

The commission overseeing the distribution of federal money provided to businesses negatively impacted by the pandemic said that it has yet to hear from the Defense Department regarding a request for more information on its designation of less-than-truckload (LTL) carrier YRC Worldwide (NASDAQ: YRCW) as a “business critical to maintaining national security.”

In a Thursday report, the commission said the Defense Department’s Sept. 2 letter stated it expected to have a response ready by Sept. 18....

https://s29755.pcdn.co/news/oversight-commission-still-waiting-on-pentagons-explanation-of-yrc-loan

Treasury’s first explanation of YRC loan not enough

YRC double on highway

It appears that the Department of the Treasury’s proactive attempt to respond to the Congressional Oversight Commission’s concerns regarding the rationale behind the $700 million loan to less-than-truckload (LTL) carrier YRC Worldwide (NASDAQ: YRCW) will not suffice.

In the third report from the commission overseeing the distribution of funds provided by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to businesses struggling from the impact of the pandemic, several queries...

https://s29755.pcdn.co/news/treasurys-first-explanation-of-yrc-loan-not-enough

YRC announces next-day expansion as less-than-truckload market heats up

YRC double on highway

Not to be outdone by recent expansion announcements from competitors, less-than-truckload (LTL) carrier YRC Worldwide (NASDAQ: YRCW) is expanding its regional next-day service.

In a Wednesday press release, the Overland Park, Kansas-based carrier said the addition of more lanes in the mid-South and Waco, Texas, is part of its network restructuring.

“Through Regional Next-Day service, our customers in Texas and the mid-South can access just-in-time scheduling that offers benefits of lowered...

https://s29755.pcdn.co/news/yrc-announces-next-day-expansion-as-less-than-truckload-market-heats-up

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