Yellow Corp. announced it has reached a settlement with the Defense Department, which claimed it was overcharged by the less-than-truckload carrier for years.
A Democrat-led committee investigating Yellow’s $700 million Treasury loan suggests the Trump administration was involved in the approval process.
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.
The Defense Department lawsuit from 2018 is continuing even as the federal government has taken a stake in the LTL carrier.
The Teamsters’ Central States Pension Fund could be saved through the COVID-19 relief package.
Yellow Corp. is back. The holding company formerly known as YRC Worldwide has gone back to its roots. However, fourth-quarter results missed analysts’ expectations at a net loss of 37 cents per share.
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.
Deutsche Bank’s December geofencing data suggests LTL volumes continued the positive trends seen in the first two months of the fourth quarter.
In today’s edition of The Daily Dash, YRC’s government loan is coming under increased scrutiny. Plus, the 20 Best Fleets to Drive For are named and a bill to allow truck drivers to carry a concealed weapon has been introduced in Congress.
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.
In today’s edition of The Daily Dash, shipments designed to test the COVID supply chain identified some potential delivery issues. Plus, U.S. Treasury Secretary Steve Mnuchin said he would not have made a $700 loan to YRC Worldwide and trucking safety groups have concerns about possible exemptions for vaccine deliveries.
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.
ArcBest sees asset-based revenue continue positive streak in November. This is the fourth LTL carrier to report improving trends in the quarter.
YRC Worldwide reports 3% year-over-year increase in November revenue, following a modest decline in October. The company’s overall trends are still lagging those of some competitors.
In today’s edition of The Daily Dash, YRC’s loan is facing scrutiny from Congress, plus LTL tonnage is on the rise and prosecutors ask for the reinstatement of the conviction of former Pilot CEO Mark Hazelwood and two others.
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 head Darren Hawkins has “a lot of confidence” heading into 2021. Network restructuring initiatives are expected to be greatly advanced as the carrier starts accepting delivery of new equipment.
Garner Transportation Group president and CEO is the second woman to chair the American Trucking Associations.
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.
Teamsters and YRC Worldwide agree to implement $7,500 hiring bonuses to new drivers. YRC will select the regions for the new bonus pay but the local unions have the autonomy to decline them.
The less-than-truckload industry continues to expand its footprint. Saia Inc. has added terminal capacity again, this time transitioning into a new 200-door terminal in Memphis, Tennessee.
Forward Air adds traditional LTL service to more of its facilities as carriers put more assets to work in the space.
Ratings agency mum on whether it liked what it saw at troubled LTL carrier
YRC Worldwide reported trends worse than its competitors for the first two months of the third quarter. Recent postings show the carrier is moving forward on its turnaround by rationalizing its terminal network.
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.
YRC management believes it will take four to six quarters to complete $400 million worth of equipment replacement.
YRC Worldwide’s second-quarter loss came in ahead of expectations. The earnings call is likely to focus on the company’s path forward.
Possible fines range from $13,000 to $130,000.
YRC loan called into question by Congressional Oversight Commission. YRC’s board may have had the same concerns with the company’s equity in 2019.
Unlike Moody’s, agency increases a key rating by one notch, but two agencies are now about even
In today’s edition of The Daily Dash, YRC Worldwide is set to spend $700 million, Navistar and Samsara announce a tie-up and a PPP loan wasn’t enough to save an Alabama carrier.
One rating is increased as long review by ratings agency is wrapped up
LTL carrier spells out its debt relief with the $700 million of Treasury funds it is getting
Deutsche Bank geofencing data shows the less-than-truckload recovery off of an April bottom spills into June.
YRC’s $700 million loan from the Treasury Department raises concerns from industry experts about the survival of the company and whether the deal is worth it.
YRC gives the Treasury Department a 30% equity stake in exchange for a $700 million lifeline.
YRC Worldwide announces that it plans to receive a $700 million loan under the CARES Act.
No one is talking as YRC’s already extended healthcare benefits are nearing expiration. Coverage is set to expire in early July.
YRC Worldwide’s midquarter report was worse than that of its peers and adds to industry speculation that some shippers could be avoiding the carrier.
ArcBest joins other less-than-truckload carriers seeing a May rebound from April lows. A 10% stock bump from a rating upgrade holds into the second trading session.
While less-than-truckload volumes may not have rebounded sequentially from April, one sell-side analyst sees acceleration in recent weeks as bullish for the industry.
The payments have two weeks down, with company in arrears on payments
Stifel’s David Ross announces that he is suspending his rating and estimates on YRC Worldwide and questions the company’s ability to survive.
YRC beats expectations with the benefit of outsized gains on sales. Noting volumes were down 24% in April, management says it likely won’t satisfy debt covenants into 2021 and it opts out of questions on its call.
With the belt tightened at YRC, a covenant waiver and benefits contribution deferral are still required.
Prominent transportation leaders are part of a business task force offering ideas on when and how to lift coronavirus restrictions.
Activist investor Barna Capital seeks to swap out YRC Worldwide board members and make non-executive level changes in management.
Tonnage headwinds and better yields are the story so far in 2020. Old Dominion Freight Line reports modest revenue decline.
Old Dominion Freight Line announces a 4.9% general rate increase after reporting market stabilization in January.
YRC posts weak fourth-quarter, hampered by bad economy
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New Penn Motor Express files change of operations proposal with union to obtain additional workers at three new regional velocity centers.
The former chief customer officer for YRC Worldwide will work with 8VC portfolio companies full-time.
YRC’s third quarter earnings show weakness at regionals, some resiliency at YRC Freight
YRC merges terminals in northern Michigan in first step of network optimization plan since landing new financing
The company is following through on a pledge to acquire 1,000 branded intermodal containers by the end of 2020.
Option raised as part of Capitol Hill debate on congestion pricing
YRC Worldwide announces new debt financing agreement. The latest step in it’s latest restructuring.
Safety, labor advocates register early opposition to rule changes.
Old Dominion posts record q2 results as cost management offsets weak demand
New Penn Motor Express to close its Pennsylvania headquarters after 88 years.
A great deal of focus has been placed on the seasonal weakness in TL volumes, but LTL volume weakness is equaling concerning.
YRC Worldwide (NASDAQ: YRCW) reported a $31.7 million consolidated operating loss on first quarter 2019 revenue of $1.182 billion. The loss widened from a year ago and revenue fell slightly, […]
YRC Worldwide (NASDAQ: YRCW) posted a $31.7 million consolidated operating loss on first-quarter revenue of $1.182 billion, which declined slightly from first-quarter 2018 revenues of $1.215 billion. In first quarter […]
YRC unit wants to cut terminals, replace Central Freight with YRC Freight on interline pact.
Economic issues not yet on the table.
Suit alleging millions in DoD overcharges centers on proper reweighing.
YRC inflated shipment weights, billed improperly, and covered up actions, suit alleges.
Less-than-truckload carrier plans to rejuvenate fleet and remain focused on price over volume.
ts best performance in year-over-year increases in revenue per hundredweight (excluding fuel surcharge) in years was not enough to turn a first quarter profit for YRC Worldwide.
Transport stocks were not immune to the big sell-off on Wall Street on Monday, with the Dow Jones Transport Index falling 336.77 points to 10,350.41, a 3.15% fall on the day.
YRC Worldwide Inc. (NASDAQ:YRCW) has joined the Blockchain in Trucking Alliance (BiTA) to help lead, develop and promote benchmark standards for blockchain applications; the next generation of secure transactions in logistics and supply chain management.
Hear from owner-operators and safety personnel to stay ready for the challenges of the road
