The Daily Dash is a quick look at what is happening today in the freight ecosystem. In today’s edition, YRC Worldwide details how it will spend the $700 million loan it received from the government, Navistar and Samsara make it official and a PPP loan wasn’t enough to save an Alabama carrier.
YRC’s lifeline
Earlier this week, YRC Worldwide, the troubled less-than-truckload carrier, announced it would be receiving a $700 million loan from the U.S. Department of the Treasury in exchange for a 30% ownership stake in the company. In a filing with the Securities and Exchange Commission, YRC has detailed where that money will go, and it is good news for Teamster members — and possibly for all employees.
John Kingston has more on this story: YRCW won’t face loan maturity payments for 4+ years under new deal
Summer weddings are the best
When one party so nicely complements another, the marriage is bound to work. That could be the case between vehicle maker Navistar and technology provider Samsara. Navistar’s Chintan Sopariwala, vice president of aftersales operations and connected vehicle, said the Samsara telematics technology complements Navistar’s OnCommand Connection vehicle diagnostics. “The beauty of this partnership is that … if you are a fleet owner, you now know all about the vehicle through Navistar and all about drivers through Samsara,” Sopariwala said.
Linda Baker has more on this story: A match made in telematics heaven
Well, we’re never going to see that money again
The bankruptcy filing of Alabama-based carrier Foster Freights LLC shouldn’t raise many eyebrows. Afterall, the company has only four power units and six drivers. But when you accept a loan from the U.S. Small Business Administration’s Paycheck Protection Program (PPP) ostensibly to stay afloat, questions will be asked. Foster Freights received a PPP loan for $19,000 on May 4, according to records, and just one month later it went out of business.
Clarissa Hawes has more on the trials of Foster Freights: PPP loan can’t save Alabama carrier from bankruptcy
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Did you miss this?
The Federal Motor Carrier Safety Administration (FMCSA) announced it “may exercise discretion” in enforcing minimum annual percentage random testing rates — as well as the requirement that employers spread testing dates throughout the calendar year — for carriers unable to meet the requirements.
The flexibility is being considered because some fleets may have trouble meeting the 50% random testing level because of the COVID-19 emergency declarations.
John Gallagher breaks down exactly what the ruling means: FMCSA to provide ‘flexibility’ for random drug testing
Hammer Down Everyone,
Brain Straight
Managing Editor, FreightWaves
