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

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 regarding the Treasury (“UST”) promises to offer a $700 million loan to YRCW under authorization supplied by Subtitle A of Title IV regarding the CARES Act.

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YRCW and its own working organizations Holland, brand brand brand New Penn, Reddaway, and YRC Freight have now been notably relying on the COVID-19 pandemic. These firms collectively employ 30,000 professionals that are trucking including 24,000 Teamsters. The CARES Act support may be utilized to fund deferred worker health care and retirement expenses along with other contractual responsibilities along with to guide important money investment.

YRCW CEO Darren Hawkins stated, “We want to thank Congress for moving the CARES Act plus the U.S. Department of this Treasury for supplying this vital money which acknowledges the primary role YRCW plays within the supply chain that is nation’s. Through over 200,000 customers to our work, including being a respected transportation provider when it comes to Departments of Defense, Energy, Homeland safety, and Customs and Border Protection, YRCW’s cargo experts are suffering from a deep comprehension of, and expertise in, the significance of a protected and dependable supply string.

“Our 30,000 employees have actually continued to provide a huge selection of quarantined communities in the united states through the pandemic and also this economic help will allow us to bridge this pandemic-related crisis and continue steadily to provide important delivery services when it comes to nation’s supply string. The money will even allow us to keep effectively applying our multi-year strategic want to transform our five effective brands to work as ONE Company, ONE system to better serve our customers and also the nation’s supply string as economic data data recovery takes hold.