YRC Worldwide

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

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 Q2 loss better than expected

YRC trucks on the road

Less-than-truckload (LTL) carrier YRC Worldwide (NASDAQ: YRCW) reported a second-quarter loss of $37.1 million, or $1.09 per share, compared to consensus estimates ranging from a loss of $1.38 to a loss of $1.66 per share.

The company announced on July 1 that it had secured a $700 million two-tranche treasury loan under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), allowing it to repay delinquent health care payments and update aging equipment. In return, the government...

https://s29755.pcdn.co/news/yrc-q2-financials

Carriers may face penalties, shutdowns under Virginia COVID-19 regs

Virginia recently became the first state to impose enforceable COVID-19 safety requirements in the workplace — not just guidelines — which has the trucking industry scrambling to figure out how the new law will affect drivers and operations.

The final rule, made public July 17 by the Virginia Department of Labor and Industry (DOLI), applies to broad sections of private industry, including trucking.

All companies based in Virginia will be required to classify employees by risk level (very high,...

https://s29755.pcdn.co/news/carriers-may-face-penalties-shutdowns-under-virginia-covid-19-regs

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

S&P says the YRCW situation is good enough for an increase in the company’s debt rating

A day after Moody’s kept the debt ratings of less-than-truckload (LTL) carrier YRC Worldwide mostly steady, S&P Global Ratings raised a key rating.

The rating agency increased its issuer credit rating on YRCW to CCC+ from CCC. The positive aspects it cited for the move are the restructuring of the company’s debt following a capital infusion by the U.S. Department of Treasury and that the company’s near-term debt maturities are “modest,” as S&P described them.  

S&P Ratings already had a CCC+ on a...

https://s29755.pcdn.co/news/sp-says-the-yrcw-situation-is-good-enough-for-an-increase-in-the-companys-debt-rating

The Daily Dash: Your look at today’s news

YRC government loan

The Daily Dash is a quick look at what is happening today in the freight ecosystem. In today’s edition, YRC Worldwide details how it will spend the $700 million loan it received from the government, Navistar and Samsara make it official and a PPP loan wasn’t enough to save an Alabama carrier.

YRC’s lifeline

Earlier this week, YRC Worldwide, the troubled less-than-truckload carrier, announced it would be receiving a $700 million loan from the U.S. Department of the Treasury in exchange for a 30%...

https://www.freightwaves.com/news/the-daily-dash-your-look-at-todays-news

Most YRCW’s debt ratings held steady by Moody’s after Treasury action

The debt ratings of YRCW have been confirmed and in one case upgraded following the announcement that it is getting a $700 million cash infusion from the Department of Treasury.

The Moody’s action taken Wednesday occurred on the same day that YRCW disclosed its plans for restructuring some of its debt with the proceeds from the Treasury support. The Treasury Department is acquiring almost 30% of the company as the method for putting the $700 million into the troubled LTL carrier. 

The action...

https://www.freightwaves.com/news/most-yrcws-debt-ratings-held-steady-by-moodys-after-treasury-action

YRCW won’t face loan maturity payments for 4+ years under new deal

YRCW is going to work on figuring out how it will rebuild itself using the $700 million it is getting from the U.S. Department of the Treasury. Its first accomplishment: getting rid of any debt payments for four years.

In a filing with the Securities & Exchange Commission on Wednesday, the LTL carrier said the $700 million it was receiving from the federal government taking a roughly 30% stake in the company would be cut into two loan tranches, one totaling $300 million and the other totaling...

https://s29755.pcdn.co/news/yrcw-wont-face-loan-maturity-payments-for-4-years-under-new-deal

Geofencing data: Less-than-truckload boost carries into June

Old Dominion and UPS Freight trucks at facility

Less-than-truckload (LTL) volumes continued to improve throughout May and into the first week of June, said Deutsche Bank (NYSE: DB) analyst Amit Mehrotra in a note to clients.

He reported that in the first week of June, LTL activity levels improved 7% versus the average levels seen in May and were up 8% compared to the last week of May. Mehrotra believes that Old Dominion Freight Line (NASDAQ: ODFL) and SAIA (NASDAQ: SAIA) outperformed the average increase and UPS (NYSE: UPS) and YRC Worldwide (

https://s29755.pcdn.co/news/geofencing-data-less-than-truckload-boost-carries-into-june

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