Archive for the ‘central cash’ Category

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

Wednesday, September 2nd, 2020

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

YRCW and its particular working organizations Holland, brand New Penn, Reddaway, and YRC Freight have already been dramatically influenced by the pandemic that is COVID-19. These firms collectively employ 30,000 professionals that are trucking including 24,000 Teamsters. The CARES Act support are going to be utilized to cover deferred worker health care and retirement costs as well as other contractual responsibilities along with to guide crucial money investment.

YRCW CEO Darren Hawkins stated, “We wish to thank Congress for moving the CARES Act additionally the U.S. Department of this Treasury for supplying this vital financing which recognizes the primary role YRCW plays within the nation’s supply string. Through over 200,000 customers to our work, including being a respected transportation provider for the Departments of Defense, Energy, Homeland safety, and Customs and Border Protection, YRCW’s cargo specialists allow us a deep knowledge of, and expertise in, the necessity of a protected and dependable supply chain.

“Our 30,000 employees have actually continued to provide a huge selection of quarantined communities around the world through the pandemic and also this monetary help will enable us to bridge this pandemic-related crisis and continue to provide crucial shipping solutions for the supply chain that is nation’s. (more…)