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

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  • #31
    Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

    Originally posted by 222lifer View Post
    Every outbound shipment BOL I sign has Crowley's name on it......We average 30 a day out of Hill.

    Crowley Sees $2.3 Billion Military Contract as Test of Logistics Capabilities

    https://www.ttnews.com/articles/crow...n-dod-contract

    Same company.. I didn't know they were into logistics also.. I know them from my travels to the Caribbean .. Seems they are the only player down there..Think their container division is based out of Jacksonville Fl..

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    • #32
      Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

      They have stuff by Philly and Camden too if I saw my map right.

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      • #33
        Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

        Crowley Marine is large. They had a facility on Petty's Island, in the Delaware River, officially called Pennsauken. I notice the address has changed, but it's still in Pennsauken, and they have vacated from Petty's Island due to the island being returned to a nature preserve.
        I used to deliver to them with CF. Access to the Island was over a small 2 lane bridge that was rather flimsy.

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        • #34
          Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

          Originally posted by fxstc07 View Post
          Crowley Marine is large. They had a facility on Petty's Island, in the Delaware River, officially called Pennsauken. I notice the address has changed, but it's still in Pennsauken, and they have vacated from Petty's Island due to the island being returned to a nature preserve.
          I used to deliver to them with CF. Access to the Island was over a small 2 lane bridge that was rather flimsy.
          Did you ever deliver to a corrugated company,think it was called Connelly container,in Philly??Talk about a skinny raggedy bridge??..I think it was wood and I went over it empty and the guy behind me that had a load of paper rolls refused at first but about an hour later he pulled in. Told me that when I went over it the wood planks were moving..
          Last edited by crazy; 07-05-2020, 08:32 AM.

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          • #35
            Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

            Originally posted by crazy View Post
            Did you ever deliver to a corrugated company,think it was called Connelly container,in Philly??Talk about a skinny raggedy bridge??..I think it was wood and I went over it empty and the guy behind me that had a load of paper rolls refused at first but about an hour later he pulled in. Told me that when I went over it the wood planks were moving..
            No, that was out of any area I ever ran for CF. It was actually just outside of the city limits, so I think another terminal did that. Connelly was located in Bala Cynwyd. I believe the building is gone and the area is now condo's.

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            • #36
              Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

              No debt repayment for 4 years ! Maybe YRC can get their crap together by then. Maybe.

              YRCW won’t face loan maturity payments for 4+ years under new deal
              YRCW is going to work on figuring out how it will rebuild itself using the $700 million it is getting from the U.S. Department of the Treasury. Its first accomplishment: getting rid of any debt payments for four years.
              In a filing with the Securities & Exchange Commission on Wednesday, the LTL carrier said the $700 million it was receiving from the federal government taking a roughly 30% stake in the company would be cut into two loan tranches, one totaling $300 million and the other totaling $400 million. The maturity date on both is Sept. 30, 2024, to be settled with a balloon payment.
              The first loan, dubbed the Tranche A loan, will be used to meet YRCW’s obligations in several areas, most notably its obligations to the Teamsters Central Pension Fund. YRCW was in arrears to the fund, and its employees who are members of the Teamsters were getting benefits paid for by the fund even though YRCW had stopped paying in to the fund earlier this year.
              Money from that tranche will also be used to make interest payments on YRCW’s debt, which at the end of the first quarter stood at approximately $880 million (against a current market capitalization of about $108 million). Real estate and equipment leases can also be paid out of the proceeds in Tranche A.
              Tranche B will be used to buy new tractors and trailers. The company’s plan to use much of the proceeds from the government investment had been reported on the day the $700 million financial support package was announced.
              https://www.freightwaves.com/news/yr...under-new-deal

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              • #37
                Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

                This guy was talking similar stuff in April
                https://usawatchdog.com/kicking-the-...craig-roberts/

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                • #38
                  Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

                  Most YRCW's Debt Ratings Held Steady By Moody's After Treasury Action

                  The debt ratings of YRC Worldwide Inc. (NASDAQ: YRCW) have been confirmed and in one case upgraded following the announcement that it is getting a $700 million cash infusion from the Department of Treasury.
                  The action completes a process that was started by Moody's late last year to determine whether YRCW's debt should be downgraded. Coming out of the process with an affirmation will be considered a victory.

                  The company's corporate family rating (CFR) was affirmed at Caa1. While this is several steps up from the bottom rung at Moody's, it still is described by the ratings agency as representing a company "of poor standing and a very high credit risk."

                  Of the $700 million in new funding, YRCW has said that $400 million of it is going to equipment. "The $400 million of CARES Act funding earmarked for capital investments will expedite the replacement of aging tractors and trailers, yielding considerable cost savings through better fuel economy and lower maintenance and repair expenses," Moody's said in its report. "Earnings growth is also likely supported by the greater operational flexibility under last year's labor contract with the International Brotherhood of Teamsters and the company's ongoing network optimization strategy."
                  https://finance.yahoo.com/news/most-...201040348.html

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                  • #39
                    Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

                    Just got a call. Stocks are dropping. The caller seemed to think this loan was cancelled or something. Consider it rumor but check please.

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                    • #40
                      Re: U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

                      Originally posted by slavenomore View Post
                      Just got a call. Stocks are dropping. The caller seemed to think this loan was cancelled or something. Consider it rumor but check please.
                      Here is a story about it.. These are the same people we are counting on to fix the pension mess..

                      https://www.marketwatch.com/story/yr...of2&yptr=yahoo

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                      • #41
                        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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                        • #42
                          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.

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                          • #43
                            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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                            • #44
                              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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                              • #45
                                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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