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 2nd biggest less-than-truckload (LTL) shipping company, today announced that the usa Department associated with Treasury (“UST”) promises to supply a $700 million loan to YRCW under authorization given by Subtitle A of Title IV associated with CARES Act.
YRCW and its own working organizations Holland, brand New Penn, Reddaway, and YRC Freight have now been somewhat influenced by the COVID-19 pandemic. These businesses collectively employ 30,000 trucking specialists, including 24,000 Teamsters. The CARES Act help is supposed to be utilized to fund deferred employee healthcare and retirement expenses as well as other contractual responsibilities along with to aid capital investment that is essential.
YRCW CEO Darren Hawkins stated, “We wish to thank Congress for moving the CARES Act together with U.S. Department for the Treasury for supplying this vital capital which acknowledges the primary role YRCW plays within the nation’s supply chain. Through over 200,000 customers to our work, including being a prominent transportation provider for the Departments of Defense, Energy, Homeland protection, and Customs and Border Protection, YRCW’s cargo experts allow us a deep comprehension 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 monetary help will allow us to bridge this pandemic-related crisis and continue steadily to provide crucial delivery solutions when it comes to nation’s supply string. The money will even allow us to keep effectively applying our multi-year plan that is strategic transform our five powerful brands to work as ONE business, ONE system to better provide our clients therefore the nation’s supply chain as financial data data recovery takes hold.