Bankrupt Yellow repays principal, interest on COVID loan
Yellow Corp. said it has paid a total of $851 million to the U.S. Treasury as repayment for a 2020 CARES Act loan.
Yellow Corp. said it has paid a total of $851 million to the U.S. Treasury as repayment for a 2020 CARES Act loan.
A Democrat-led committee investigating Yellow’s $700 million Treasury loan suggests the Trump administration was involved in the approval process.
Yellow Corp. announced that its interim CFO, Dan Olivier, will assume the role permanently. The change comes as the company navigates a financial and operational transformation.
A U.S. House subcommittee has launched an investigation into Yellow Corp.’s $700 million CARES Act loan.
The latest report from the congressional oversight commission monitoring COVID relief loans shows Yellow Corp. may not have been as “critical to maintaining national security” as once thought. The report also calls into question the company’s increased spend on lobbying efforts ahead of the loan.
Less-than-truckload carrier Yellow announced it is taking delivery of the next wave of equipment, which has been facilitated by the CARES Act loan it received in 2020.
YRC announced Monday the further expansion of its regional next-day service at YRC Freight. This rollout will make the service available out of 13 terminals throughout the mid-Atlantic.
The latest request from the congressional commission overseeing COVID-relief loans seeks pricing information from the Defense Department for all less-than-truckload shipments, including those performed by YRC Worldwide.
A congressional oversight report highlights flaws in the Defense Department’s designation of less-than-truckload carrier YRC Worldwide as a company vital to national security.
Treasury Secretary Steven Mnuchin had his day in court so to speak. He said he stands behind the YRC loan and others made, noting that many lawmakers wished Treasury had taken on more risk.
A commission hearing regarding concerns over CARES Act loans made to businesses “critical to maintaining national security” will likely shed more light on the rationale behind the $700 million Treasury loan to YRC.
YRC Worldwide announced several changes in its third-quarter report. The biggest was that the carrier has already accessed CARES Act relief money to replenish its fleet.
YRC Worldwide announced that it has accessed the first $75 million of the second tranche of the CARES Act loan it received in July. These funds are to be allocated for upgrades to the fleet.
The CARES Act oversight commission is still waiting on a response from the Defense Department regarding its “national security” designation of YRC Worldwide, which allowed the carrier to obtain a pandemic relief loan.
The commission overseeing pandemic loans has asked the Treasury Department for virtually every document that was used to grant struggling less-than-truckload carrier YRC a $700 million loan.
YRC Worldwide expands regional next-day service throughout the South. The announcement follows similar expansion plans from competitors.