CARES Act Congressional Oversight Commission

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 defends transparency of CARES Act loan

Yellow Corp. [NASDAQ: YELL] CEO Darren Hawkins is confident he can show lawmakers that his company’s $700 million CARES Act loan being scrutinized in a new congressional probe is in full compliance with the loan terms.

“Please be assured with respect to your question regarding our ‘eligibility for and use of the funds’ that the Subcommittee’s inquiry and Yellow Corporation’s documents will conclusively confirm that the information the Company provided in applying for the loan was completely...

https://www.freightwaves.com/news/yellow-defends-transparency-of-cares-act-loan

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

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

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

$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

Atlas Air refuses to repay US bailout funds

A white jumbo jet with Atlas Air name and blue tail painted on it. on sunny day rolls down airport roadway.

Atlas Air Worldwide Holdings (NASDQ: AAWW) last week reported an eightfold increase in adjusted net income and 25% more revenue in the third quarter compared to last year, but will not return $406 million in emergency coronavirus aid the U.S. government intended for financially battered airlines to retain workers.

The all-cargo carrier and aircraft lessor fully qualified for the federal funds because there was no guarantee the airfreight market would flourish at the time, the program wasn’t...

https://s29755.pcdn.co/news/atlas-air-refuses-to-repay-us-bailout-funds

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

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