cash central locations

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

YRC Internationally 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 the Treasury (“UST”) promises to provide a $700 million loan to YRCW under authorization given by Subtitle A of Title IV associated with the CARES Act.

YRCW and its own running organizations Holland, brand New Penn, Reddaway, and YRC Freight have now been dramatically influenced by the pandemic that is COVID-19. These firms collectively employ 30,000 trucking specialists, including 24,000 Teamsters. The CARES Act support are going to be utilized to fund deferred worker health care and retirement expenses as well as other contractual obligations along with to aid capital investment that is essential.

YRCW CEO Darren Hawkins stated, “We want to thank Congress for moving the CARES Act as well as the U.S. Department associated with the Treasury for supplying this vital financing which acknowledges the primary role YRCW plays within the nation’s supply string. Through our work with more than 200,000 customers, including being a prominent 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 proceeded to provide a huge selection of quarantined communities in the united states during the pandemic and also this monetary help will allow us to bridge this pandemic-related crisis and continue steadily to provide important delivery solutions when it comes to nation’s supply string.

Read more