YRC obtains $700 million government loan in exchange for 30% stake in company.

[ironpony]

In exchange for $700 million in loans, YRC gave the federal government a 30% stake in the company. Coupled with recent news that YRC pushed off payments in its benefit plan that provides coverage for current and retired workers, paints a picture of a company mired in debt, that may default on this public loan made with tax dollars.

https://www.washingtonpost.com/business/2020/07/01/treasury-loan-yrc-worldwide-cares-act/

YRC defers benefit plan payment

 

[Rigjockey]

I think YRC should have took that proposal to the folks at Shark Tank. 700 million for 30% I am sure they would all say they were OUT!
Is YRC too big too fail?
I hate corporate welfare.

 

[Duck]

Is YRC too big too fail?
I hate corporate welfare.

YRC is union. You know the kind of element that attracts.
If they get laid off, they're gonna milk that unemployment for every penny they can get. And in the meantime they'll be having temper tantrums in the streets and pulling down statues.
Maybe it makes more sense to keep them busy.
I have no idea if they'd collect $700 million in unemployment and welfare though. It might be close.

 

[Sinister]

Here's an article you can read without a paid subscription. It says they got 600 million back in September too.

That's like trying to repair a ship that's already sunk.

YRC gives government 30% stake in its latest financial bailout

YRC gives the Treasury Department a 30% equity stake in exchange for a $700 million lifeline.

www.freightwaves.com

 

[Fageol]

Isn't Naziism the economic system wherein the government owns corporations?

 

[Humble pie]

Here's an article you can read without a paid subscription. It says they got 600 million back in September too.

That's like trying to repair a ship that's already sunk.

YRC gives government 30% stake in its latest financial bailout

YRC gives the Treasury Department a 30% equity stake in exchange for a $700 million lifeline.

www.freightwaves.com

They’ve been in trouble for years and years. It’s not the government’s job to prop up poor business models.

 

[Mike]

Here's an article you can read without a paid subscription. It says they got 600 million back in September too.

That's like trying to repair a ship that's already sunk.

YRC gives government 30% stake in its latest financial bailout

YRC gives the Treasury Department a 30% equity stake in exchange for a $700 million lifeline.

www.freightwaves.com

They almost went out of business a few years ago as well. It’s a failed company and needs to be flushed down the toilet.

 

[Mike]

Had I not been on vacation and not keeping up with things, this would have been a great opportunity to double your money.

 

[Electric Chicken]

They almost went out of business a few years ago as well. It’s a failed company and needs to be flushed down the toilet.

Normally I would agree but I have no use for single axle day cabs so it wouldn't help me none.

 

[Mike]

Normally I would agree but I have no use for single axle day cabs so it wouldn't help me none.

Any! It wouldn't help you "any". You're Math Sux.

 

[Electric Chicken]

In addition, two other concepts related to the provision of credit lines are often used in contracts with banks

Thank you for this helpful post.

 

[389 Hood]

Looks like another spammer in training. DON'T click the link in it's profile.