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.
