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.

Image: Silence Seven, Flickr Creative Commons

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.

Here is YRCW’s announcement issued early this morning.

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