Treasury Department Archives - Maritime Shipping News

Oversight commission seeks YRC pricing details

30 January 2021

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’

6 January 2021

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

$700M YRC loan to get attention at congressional hearing

2 December 2020

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

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

17 October 2020

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

25 August 2020

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

21 July 2020

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