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 for the Treasury (“UST”) promises to supply a $700 million loan to YRCW under authorization supplied by Subtitle A of Title IV associated with CARES Act.
YRCW as well as its running businesses Holland, brand brand brand New Penn, Reddaway, and YRC Freight are considerably influenced by the COVID-19 pandemic. These firms collectively employ 30,000 professionals that are trucking including 24,000 Teamsters. The CARES Act support are utilized to fund deferred worker health care and retirement expenses along with other contractual responsibilities along with to help crucial money investment.
YRCW CEO Darren Hawkins stated, “We want to thank Congress for moving the CARES Act additionally the U.S. Department regarding the Treasury for supplying this vital capital 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 number one 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 knowledge of, and expertise in, the significance of a protected and dependable supply string.