YRCW GETS $700 MILLION CARES ACT LOAN!
The US Treasury will loan YRCW $700 million under authorization from the CARES Act. $350 million will be used to make H&W and pension benefit payments, and the other $350 million will go to investment in tractors and trailers.
This will allow YRCW to pay its TeamCare and all other H&W fund obligations, protecting health care for 24,000 Teamster families. Most of the H&W had given YRCW a deadline in early July, just days from now.
The US Treasury will be granted 29.6% of YRCWs total outstanding shares. Wolfe Research reports that the loan’s terms are more favorable than previous loans. It matures on September 30, 2024. See the summary Wolfe Report here.
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