CARES Act Congressional Oversight Commission

YRC ready to use ‘once-in-a-lifetime’ loan to replenish fleet

YRC double on highway

More than once on its second-quarter financial call, less-than-truckload (LTL) carrier YRC Worldwide’s (NASDAQ: YRCW) management team used the words “once in a lifetime” to describe the opportunity afforded them through a controversial $700 million Treasury loan the company received in early July.

The excitement largely centered on Tranche B of the agreement granted under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act): a $400 million loan allowing it to refresh its rolling...

https://www.freightwaves.com/news/yrc-ready-to-use-once-in-a-lifetime-loan-to-replenish-fleet

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

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