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Yellow | Yrc Worldwide Expects To Receive $700 Million Cares Act Loan From U.s. Treasury

Triplex

Triplex

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OVERLAND PARK, Kan., July 01, 2020 (GLOBE NEWSWIRE) -- YRC Worldwide Inc. (NASDAQ: YRCW), the nation’s second largest less-than-truckload (LTL) shipping company, today announced that the United States Department of the Treasury (“UST”) intends to provide a $700 million loan to YRCW under authorization provided by Subtitle A of Title IV of the CARES Act.

http://investors.yrcw.com/news-rele...expects-receive-700-million-cares-act-loan-us
 
https://teamster.org/2020/07/teamsters-union-lauds-cares-act-relief-for-yrcw-workers/

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:hyper:
 
Nofreighthero said:
Maybe I’m mistaken but it says it’s LIBOR plus 3.5%? Doesn’t that mean they have to pay it back? The loan matures end of September 2024
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The UST (U.S. Treasury) will acquire about 30% of YRCW Common Stock which will not require stockholder approval under COVID related exceptions.

This is a taxpayer bailout....
 
Trucking company YRC to get $700 million CARES Act loan, stock rockets 75% premarket
Published: July 1, 2020 at 6:31 a.m. ET
By
Ciara Linnane






Shares of trucking company YRC Worldwide YRCW, +6.32% rocketed 75% in premarket trade Wednesday, after the company said it expects to receive a $700 million CARES Act loan from the U.S. Treasury. "YRCW and its operating companies Holland, New Penn, Reddaway, and YRC Freight have been significantly impacted by the COVID-19 pandemic," the company said in a statement. The companies employ 30,000 drivers, including 24,000 members of the Teamsters union, it said. The company will use the funds from the bailout plan to pay healthcare and pension costs and meet other contractual obligations and to support essential capital investment. In return for the loan, the U.S. Treasury will receive a 29.6% equity stake in the company. Shares have fallen 27% in the year to date, while the S&P 500 SPX, +1.54% has fallen 4%.

:funky:
 
Triplex said:
OVERLAND PARK, Kan., July 01, 2020 (GLOBE NEWSWIRE) -- YRC Worldwide Inc. (NASDAQ: YRCW), the nation’s second largest less-than-truckload (LTL) shipping company, today announced that the United States Department of the Treasury (“UST”) intends to provide a $700 million loan to YRCW under authorization provided by Subtitle A of Title IV of the CARES Act.

http://investors.yrcw.com/news-rele...expects-receive-700-million-cares-act-loan-us
Click to expand...
great news!! let's keep on trucking!! sorry haters.. we're not done yet..
 
Freightmaster1 said:
https://teamster.org/2020/07/teamsters-union-lauds-cares-act-relief-for-yrcw-workers/

e8B2dG5.jpg

:hyper:
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From Hoffa
““I want to thank Congress for passing the CARES Act, and the President and the Treasury Secretary for their help in making this essential bridge loan possible,” Hoffa said. “They recognized the urgency and acted swiftly to avoid our members’ health benefits from being cut and, in the long term, to protect 24,000 Teamster jobs at YRC Freight, Holland, Reddaway and New Penn.”

Next week he’ll endorse Biden
 
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