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  1. #41
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    Default Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

    I'm on break and done but found this.
    https://www.marketwatch.com/story/yr...ity-2020-07-20

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  3. #42
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    Default Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

    I don't know if this means they just thought they were getting money....or already got the money....orcwhat..but my last link shows congress doesn't think we should get it.
    I see Pat Toomey is part of this.

  4. #43
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    Default Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

    Not happy at all to see this. So now a congressional panel knows more than the treasury who pay the bills about how much actual LTL the YRCW companies haul that is essential to national security. So the bi-partisan committee doesn't accept the recommendation and certification from the Secretary of Defense and the Director of National Intelligence.

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  6. #44
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    Default Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

    This one looks like we will get it. It seems that they'd have to pass some kind of legislation to deny it. Although I do not know.
    https://www.joc.com/trucking-logisti..._20200720.html

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  8. #45
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    Default Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

    I guess this might mean they already got the loan. I'm not sure about this stuff.
    http://investors.yrcw.com/node/28056/html

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  10. #46
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    Default Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

    Another story on the YRC loan.

    YRC loan under scrutiny; board shied away from company stock in 2019
    The Treasury Department’s decision to provide debt-burdened less-than-truckload (LTL) carrier YRC Worldwide (NASDAQ: YRCW) $700 million in financing has drawn scrutiny from members of Congress.
    A Monday report from the Congressional Oversight Commission created by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), calls into question the designation of YRC, which provides 68% of LTL services to the Defense Department, as a “business critical to maintaining national security.”
    Under the federal lending program established by the CARES Act, a “catch-all provision” created by the Treasury Department allows it to determine if a company meets the national defense standard based only on the recommendation and certification of either the secretary of defense or the director of national intelligence.
    The interest rate on the lending facility was highlighted as well. “The interest rate on YRC’s loan from the Treasury is 4% lower than the interest rate on the company’s most recent debt financing.”
    At the end of 2019, faced with the unlikelihood of reaching and sustaining the $11.75 share price, the board decided to adopt a new, nonemployee director compensation plan favoring cash payments versus equity.
    On Dec. 9, the board adopted a new director plan paying an annual cash retainer of $190,000, $300,000 for the chairman. Equity comp was reduced from $125,000 to $60,000. The new $250,000 package, excluding the performance RSUs, represented a $50,000 increase in pay and importantly doubled the percentage of cash compensation to 76%.
    https://www.freightwaves.com/news/yr...-stock-in-2019

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  12. #47
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    Default Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

    I really hope this is the lifeline YRC needs. I never had a decent truck until I drove for New Penn. Every other company I worked for had rolling junk.

    YRC ready to use ‘once-in-a-lifetime’ loan to replenish fleet
    More than once on its second-quarter financial call, less-than-truckload (LTL) carrier YRC Worldwide’s (NASDAQ: YRCW) management team used the words “once in a lifetime” to describe the opportunity afforded them through a controversial $700 million Treasury loan the company received in early July.
    The excitement largely centered on Tranche B of the agreement granted under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act): a $400 million loan allowing it to refresh its rolling stock. Management plans to start replacing the oldest tractors and trailers across all of its separate companies first. They provided a rough savings estimate of $10,000 per tractor annually. Maintenance costs on some of the older equipment the company is operating can range from $11,000 to $12,000 a year, a far cry from the $1,000 to $2,000 spent to keep first-year tractors moving.
    For all the financial details and reports, please follow the link for the full story. https://www.freightwaves.com/news/yr...eplenish-fleet

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  14. #48
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    Default Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

    Seems congress is still questioning the loan made to YRC under the CARES Act.

    Treasury's First Explanation Of YRC Loan Not Enough
    It appears that the Department of the Treasury's proactive attempt to respond to the Congressional Oversight Commission's concerns regarding the rationale behind the $700 million loan to less-than-truckload (LTL) carrier YRC Worldwide (NASDAQ: YRCW) will not suffice.
    In the third report from the commission overseeing the distribution of funds provided by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to businesses struggling from the impact of the pandemic, several queries were laid out as to why a lending package was provided to YRC.
    On July 30, the Treasury Department proactively penned a letter to the commission addressing the rationale. A sticking point for the commission was YRC being designated as a "business-critical to maintaining national security."
    The letter said that as the pandemic hit, the company's shipments fell nearly 30% in the four-week period extending from March 13, presumably the department's justification of the requirement that a company's losses are related to coronavirus.
    The previous report from the commission also called out other shortcomings in the deal. "The interest rate on YRC's loan from Treasury is 4% lower than the interest rate on the company's most recent debt financing."
    https://finance.yahoo.com/news/treas...222024725.html

  15. #49
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    Default Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

    Can't keep going like this. The IBT and YRC must go back to the table and up the pay. We can't keep going without any new drivers. The pay needs to be increased to get drivers in here. None come forever now.

  16. #50
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    Default Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

    Does anybody in this administration know what they are doing ?

    Oversight commission still waiting on Pentagon’s explanation of YRC loan
    The commission overseeing the distribution of federal money provided to businesses negatively impacted by the pandemic said that it has yet to hear from the Defense Department regarding a request for more information on its designation of less-than-truckload (LTL) carrier YRC Worldwide (NASDAQ: YRCW) as a “business critical to maintaining national security.”

    In a Thursday report, the commission said the Defense Department’s Sept. 2 letter stated it expected to have a response ready by Sept. 18. As of Thursday, the commission hadn’t received a response to its initial or follow-up queries.

    On July 1, YRC announced that it would receive a $700 million Coronavirus Aid, Relief, and Economic Security Act (CARES Act) loan from the Treasury Department to repay short-term obligations and fund capital expenditures (capex) on tractors and trailers. The department used the national defense designation provided under a subtitle in the lending program, which requires either the secretary of defense or the director of national intelligence to recommend and certify that a company meets the standard.

    It was Defense Secretary Mark Esper that gave the OK.
    https://www.freightwaves.com/news/ov...on-of-yrc-loan

 

 
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