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YRC Global Expects To Get $700 Million CARES Act Loan from U.S. Treasury

OVERLAND PARK, Kan., July 01, 2020 (GLOBE NEWSWIRE) — YRC Worldwide Inc. (NASDAQ: YRCW), the nation’s second biggest less-than-truckload (LTL) shipping company, today announced that the usa Department of this Treasury (“UST”) promises to give a $700 million loan to YRCW under authorization given by Subtitle A of Title IV associated with CARES Act.

YRCW and its particular operating companies Holland, brand brand New Penn, Reddaway, and YRC Freight have now been somewhat influenced by the pandemic that is COVID-19. These businesses collectively employ 30,000 trucking experts, including 24,000 Teamsters. The CARES Act support may be utilized to fund deferred employee healthcare and retirement costs as well as other contractual responsibilities along with to help capital investment that is essential.

YRCW CEO Darren Hawkins stated, “We wish to thank Congress for moving the CARES Act therefore the U.S. Department regarding the Treasury for supplying this vital capital which acknowledges the fundamental role YRCW plays within the nation’s supply string. Through over 200,000 customers to our work, including being a number one transportation provider for the Departments of Defense, Energy, Homeland protection, and Customs and Border Protection, YRCW’s freight experts are suffering from a deep knowledge of, and expertise in, the significance of a protected and dependable supply string.

“Our 30,000 employees have actually proceeded to provide a huge selection of quarantined communities around the world through the pandemic and also this economic help will allow us to bridge this pandemic-related crisis and continue steadily to provide crucial delivery solutions for the supply chain that is nation’s. The money will even allow us to keep effectively applying our multi-year strategic want to transform our five effective brands to operate as ONE Company, ONE community to better provide our clients while the nation’s supply string as financial data data recovery takes hold. Continue reading