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U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

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  • U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

    WASHINGTON (Reuters) - The U.S. Department of Treasury on Wednesday said it had agreed to loan YRC Worldwide inc (YRCW.O) $700 mln loan in exchange for a 29.6% equity stake in the transportation company, saying it was essential for moving military supplies.
    In statement, the department said the loan was made under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and would help preserve about 30,000 trucking jobs for the company.
    https://uk.reuters.com/article/us-he...-idUKKBN2425F9

  • #2
    Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

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

      https://www.cnn.com/2020/07/01/busin...Sab8SJL37VQzYI

      The US Treasury is giving a $700 million loan to YRC Worldwide, a troubled trucking company that warned in May it was in danger of going out of business.

      That's an enormous sum for a company whose stock had plunged 27% this year and was worth only $70 million as of Tuesday's close. And here's the kicker: The government sued YRC for ripping it off.

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

        So much for them being caught up on the H&W,like the salesman told us a few weeks ago. Explains why I couldn't find anything about it. lol Can't believe they'd actually lie to us about it!

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        • #5
          Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

          Originally posted by RedRollingRoadblock View Post
          $70 million? Where'd they get that number? Maybe the market cap. Assets are a lot more than than,but if you take out the liabilities it's a negative # lol.

          Comment


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

            https://www.cnn.com/2020/07/01/busin...oan/index.html

            Gee thanks for caring about the unions CNN.
            Sounds like they prefer 24,000 Teamster jobs should go down.
            I think the Teamsters and all unions should boycott the media department of the Democratic party, which is CNN .
            No more viewing CNN. No more money or votes for their Democratic party either imo.
            Let them get it from the BLM and illegal aliens and LBGTQ.feminists, abortionists and communists.
            It's obvious from this story how they feel about uneducated union workers.

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            • #7
              Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

              Originally posted by slavenomore View Post
              https://www.cnn.com/2020/07/01/busin...oan/index.html

              Gee thanks for caring about the unions CNN.
              Sounds like they prefer 24,000 Teamster jobs should go down.
              I think the Teamsters and all unions should boycott the media department of the Democratic party, which is CNN .
              No more viewing CNN. No more money or votes for their Democratic party either imo.
              Let them get it from the BLM and illegal aliens and LBGTQ.feminists, abortionists and communists.
              It's obvious from this story how they feel about uneducated union workers.
              I'm sorry, but I didn't read anything derogatory or negative in what was written in the article.
              Did I miss something ?

              But tell us how you feel about all those human beings you seemingly lumped into one group.

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

                Originally posted by fxstc07 View Post
                I'm sorry, but I didn't read anything derogatory or negative in what was written in the article.
                Did I miss something ?

                But tell us how you feel about all those human beings you seemingly lumped into one group.
                Stories are shaped. Can you not see the title? Looks very clear they'd rather not see our company get the cash to survive....because of their hatred for Trump.
                We take care of ALL of those groups in our union BUT illegals if we can help it. IF they don't want to be singled out as special. We are all the same...workers..We don't need the Democrats.

                You see NO negativity in this headline?????? REALLY????

                The Trump administration just lent $700 million to a trucking company sued for ripping off taxpayers
                Last edited by slavenomore; 07-01-2020, 09:31 PM.

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                • #9
                  Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

                  They even pursued questioning to trash our union company.
                  The Treasury Department did not respond Wednesday morning to a request for comment on the suit. YRC said the suit, is "a contractual dispute which originated in 2009 and predates the current board and CEO by more than a decade."
                  Why was it necessary to bring up the lawsuit with weights? Other than to say Trump should not have helped us out?
                  They even basically say our union company is not competitive....same garbage Republicans say.
                  Yes....they obviously did not like the fact the Trump administration helped us out.

                  Seeing how Trump is....like I said elsewhere...we might fair better on our pension problems dealing directly with Trump...avoid the Dems because they take everything but do nothing. Forget the GOP...and deal with Trump.

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

                    A story headline dripping with hypocrisy and irony.

                    OR

                    CNN takes a poke at the "Only the strong survive, dog eat dog" world of capitalism.





                    Sent from my SM-J327T using Tapatalk

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                    • #11
                      Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

                      I think that this loan by the government is great news. But I am sorry that this thread has turned political. Brother slave what the hell does BLM or LBGQRTZY have to do with a loan bailing out an LTL carrier that services the military. Any driver who has delivered government freight on a GBL knows it moves on a FAK (freight all kinds) one rate tariff. I doubt that YRC is making very much on it. I also doubt that anyone not familiar with FAK tariffs would know it saves the government a ton of money. So it is beneficial to the military to have YRC in business.

                      I sat many hours waiting for my LTL shipments to be unloaded at Ft.Dix, McGuire AFB, NAWC Lakehurst and the Earle Ammunition Depot and pier in Leonardo. The FAK tariff allows 2 hours of free detention time before accessorial charges kick in. slave I'm sure you know that. I just posted it in case someone wasn't familiar with YRC's value to the military.

                      I agree with fxstc that the CNN story was factual and not biased against Trump. I flipped back and forth to all 3 networks this morning. CNN and MSNBC were totally involved with the pandemic. While FOX was more concerned with attacking democrat cities about BLM issues. Since slave wants our union to support Trump I'll throw this in the mix.

                      the YRCW lawsuit was “a contractual dispute which originated in 2009 and predates the current board and CEO by more than a decade,
                      Wasn't Bill Zollars CEO at the time? The same Bill Zollars who bought Roadway/New Penn with borrowed money. The same Bill Zollars who made his friends rich by overpaying $400 or $500 million for USF also with borrowed money. The same Bill Zollars who Trump appointed the the BOD of the USPS. Say it isn't so. The man who is responsible for the YRCW situation was appointed by Trump to help privatize the post office. I wonder how many union members will lose their jobs if republican Trump has his way and sells the USPS (and the VA) to the highest non union bidders?


                      When the Senate confirmed Zollars to the USPS board, along with former Air Line Pilots Association president Donald Moak, it restored the quorum that had been lost after Deputy Postmaster General Ron Stroman stepped down.

                      Stroman was reportedly forced out as part of a USPS housecleaning directed by President Donald Trump, who wants to fully privatize the government-run service and has repeatedly made baseless accusations that mail-in ballots are subject to rampant fraud.
                      https://www.salon.com/2020/07/01/for...on-usps-board/

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

                        Originally posted by 2631 View Post



                        Wasn't Bill Zollars CEO at the time? The same Bill Zollars who bought Roadway/New Penn with borrowed money. The same Bill Zollars who made his friends rich by overpaying $400 or $500 million for USF also with borrowed money. The same Bill Zollars who Trump appointed the the BOD of the USPS. Say it isn't so. The man who is responsible for the YRCW situation was appointed by Trump to help privatize the post office. I wonder how many union members will lose their jobs if republican Trump has his way and sells the USPS (and the VA) to the highest non union bidders?




                        https://www.salon.com/2020/07/01/for...on-usps-board/
                        I don't want to take this off topic but I have never heard Trump saying he wants to sell the Post Office.. I have heard him say he was tired of the multi billion dollar loses every year and publicly stated that the PO should raise their rates especially with Amazon.. I have read many times that the PO loses like a $1.50 on every Amazon shipment.. But I did read where some Republicans were pushing to privatize the PO.. I think this started when Bush jr was in office and it has kicked around for years..
                        As far as what Slave posted.. I tend to agree with him.. I read about four articles yesterday about the YRCW loan CNN included.. Three were positive and IMO CNN's was a negative story..

                        https://finance.yahoo.com/news/yrc-g...154655839.html

                        https://www.thestreet.com/investing/...HOO&yptr=yahoo

                        And here is the article from CNN

                        https://www.cnn.com/2020/07/01/busin...oan/index.html


                        The loan is not part of the federal CARES Act meant to help small businesses. Instead, it is meant to provide help to businesses critical to national security. Treasury's statement said the loan was justified by the fact that the company provides a majority of the trucking services moving pallet-sized shipments of freight for the US military, a segment of the industry known as "less-than-truckload" or LTL.
                        "Treasury's determination was based on a certification by the Secretary of Defense that YRC is critical to maintaining national security," said Treasury in its statement.
                        Every article I have read excluding CNN has stated the loan was part of the CARES act. Including the press release from YRC and the IBT.. Does CNN have someone on the inside of the Treasury Dept??

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                        • #13
                          Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

                          Originally posted by 2631 View Post
                          I think that this loan by the government is great news. But I am sorry that this thread has turned political. Brother slave what the hell does BLM or LBGQRTZY have to do with a loan bailing out an LTL carrier that services the military. Any driver who has delivered government freight on a GBL knows it moves on a FAK (freight all kinds) one rate tariff. I doubt that YRC is making very much on it. I also doubt that anyone not familiar with FAK tariffs would know it saves the government a ton of money. So it is beneficial to the military to have YRC in business.

                          I sat many hours waiting for my LTL shipments to be unloaded at Ft.Dix, McGuire AFB, NAWC Lakehurst and the Earle Ammunition Depot and pier in Leonardo. The FAK tariff allows 2 hours of free detention time before accessorial charges kick in. slave I'm sure you know that. I just posted it in case someone wasn't familiar with YRC's value to the military.

                          I agree with fxstc that the CNN story was factual and not biased against Trump. I flipped back and forth to all 3 networks this morning. CNN and MSNBC were totally involved with the pandemic. While FOX was more concerned with attacking democrat cities about BLM issues. Since slave wants our union to support Trump I'll throw this in the mix.



                          Wasn't Bill Zollars CEO at the time? The same Bill Zollars who bought Roadway/New Penn with borrowed money. The same Bill Zollars who made his friends rich by overpaying $400 or $500 million for USF also with borrowed money. The same Bill Zollars who Trump appointed the the BOD of the USPS. Say it isn't so. The man who is responsible for the YRCW situation was appointed by Trump to help privatize the post office. I wonder how many union members will lose their jobs if republican Trump has his way and sells the USPS (and the VA) to the highest non union bidders?




                          https://www.salon.com/2020/07/01/for...on-usps-board/
                          The story was factual with a bit of irony and sarcasm thrown in as well. I do believe there was a jab thrust at the mis-management of YRC. I for one am guilty of taking the YRC management's pathetic handling of the billions YRC Teamsters conceded to task more than once on these boards.

                          To add to your FAK thoughts.....There are also "limited access" charges that apply to government installations. I was told by a YRC clerk that these charges are reduced.

                          Sent from my SM-J327T using Tapatalk

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

                            Crazy I don't have a problem with you agreeing with slave. But do you think that the Teamsters should be negotiating directly with Trump if it were even possible? Trump appointed Zollars to the USPS BOD. Do you think he was the best man for the job? Or maybe it was payback for his support of Trump and his near destruction of the NMFA union carriers..

                            New Penn was a highly profitable union carrier operating in the low 70s. Roadway had returned to profitability before Zollars bought them. You were there when Zollars was buying up union carriers with borrowed money. You were at Red Star and fought for our WARN money. You know that Zollars was in negotiations to buy USF and he didn't need Red Star. Do you really think that he is there in the best interests of the consumer and the postal union employees? I don't, I can't prove it but it is my opinion that Trump and the powers that be want the USPS privatized.

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

                              Originally posted by crazy View Post
                              Every article I have read excluding CNN has stated the loan was part of the CARES act. Including the press release from YRC and the IBT.. Does CNN have someone on the inside of the Treasury Dept??
                              I read the portion quoted and the journalist stated it wasn't part of the CARES act to help (small businesses) which is accurate and then went on to explain why by breaking it down to (specifically) National Security. That is also accurate. What CNN does have is a journalist that knows the subject matter.

                              This article from the Washington Post lays it out quite well also.

                              https://www.washingtonpost.com/busin...ide-cares-act/

                              Sent from my SM-J327T using Tapatalk

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