US loans YRC Worldwide $700 million, citing ‘national security’

YRC gets saved yet again… $700 million relief loan

When is enough, enough? YRC has had it’s share of bad news and potential shuttering of its doors but when is enough, enough? Critical to national security? I say Bullshit, all this for government owned transportation?

The CARES Act loan, which the less-than-truckload (LTL) company had been rumored to be seeking for weeks, also gives YRC additional funding to keep rolling through the recession, as rising costs and falling revenue squeeze the company’s finances. Some of the funding will be used for capital investment in tractors and trailers, YRC Worldwide said in a statement.

In return, the Treasury Department will get a 29.6 percent share of the company’s common stock…

Continue to article https://www.joc.com/trucking-logistics/ltl-trucking-logistics/yrc/us-loans-yrc-worldwide-700-million-citing-%E2%80%98national-security%E2%80%99_20200701.html

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