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 of this Treasury (“UST”) promises to give a $700 million loan to YRCW under authorization given by Subtitle A of Title IV associated with CARES Act.
YRCW and its particular running businesses Holland, brand brand brand New Penn, Reddaway, and YRC Freight have already been dramatically influenced by the pandemic that is COVID-19. These firms collectively employ 30,000 professionals that are trucking including 24,000 Teamsters. The CARES Act support will likely to be utilized to fund deferred worker health care and retirement expenses as well as other contractual responsibilities as well as to guide capital investment that is essential.
YRCW CEO Darren Hawkins stated, “We wish to thank Congress for moving the CARES Act while the U.S. Department regarding the Treasury for providing this vital capital which acknowledges the primary role YRCW plays within the nation’s supply string. Through over 200,000 customers to our work, including being a prominent transportation provider for the Departments of Defense, Energy, Homeland safety, and Customs and Border Protection, YRCW’s cargo specialists are suffering from a deep comprehension of, and expertise in, the significance of a protected and reliable supply string.
“Our 30,000 employees have actually continued to serve a huge selection of quarantined communities in the united states through the pandemic and also this financial help will allow us to bridge this pandemic-related crisis and continue steadily to provide essential delivery solutions for the nation’s supply chain.