YRCW - YRCワ―ルドワイド （YRC Worldwide Inc.） YRCワ―ルドワイド

The recently rebranded Yellow Corp. — formerly YRC Worldwide — narrowed annual losses by nearly half even as fourth-quarter losses widened, and said it is bolstering operations through property divestitures and investments in new equipment.

Less-than-truckload volumes appeared to remain elevated during December, according to Amit Mehrotra, managing director and head of transportation and shipping research at Deutsche Bank (NYSE: DB ). The December data indicates the sequential monthly trends were in line with "typical seasonality," however off of a higher base. The firm's Sunday report to clients showed activity at Old Dominion Freight Line (NASDAQ: ODFL ) terminals was down 10.1% from November to December, in line with the carrier's historical 9.8% sequential decline in shipments. "Our geofencing dataset shows typical seasonality in December, but this is off very solid levels in recent months. And we also believe pricing dynamics remain very strong," Mehrotra said in the note. Mehrotra is estimating a 9% sequential decline in shipments at Saia (NASDAQ: SAIA ) and XPO Logistics (NYSE: XPO ), with YRC Worldwide (NASDAQ: YRCW ) seeing a 14% decline during the month. Deutsche Bank's data innovation group bases its estimates on a proprietary algorithm, which analyzes mobile phone geolocation data within certain boundaries of more than 1,300 LTL terminals across the country.

In a largely uncontentious commission hearing Thursday over the national security loan program, Treasury Secretary Steven Mnuchin acknowledged the $700 million loan made to less-than-truckload carrier YRC Worldwide (NASDAQ: YRCW ) was "risky" and one that he would have not made. Facing questions from the oversight commission tasked with monitoring the distribution of federal loans established under the Coronavirus Aid, Relief and Economic Security (CARES) Act, Mnuchin said he was encouraged by members of Congress to take losses on the loans as the program's intent was to address an immediate liquidity crisis. He said some of the lending programs afforded under the act were done with the analysis that they would lose money. Referring to his former banking and lending days, Mnuchin said, "If my bank had been underwriting this loan, we would have not made this loan." National security designation The point of the hearing was to examine loans to "businesses critical to maintaining national security," a subtitle in the legislation that allotted $17 billion in federal money for companies fitting the designation.

U.S. Treasury Secretary Steven Mnuchin said on Thursday he will recommend that his successor next year consider selling to a third party the $700 million emergency government loan made to trucking company YRC Worldwide at a profit to taxpayers.

The rationale behind the $700 million pandemic-relief loan made to less-than-truckload (LTL) carrier YRC Worldwide (NASDAQ: YRCW ) appears to be a likely topic during an upcoming congressional hearing on the national security loan program established under the Coronavirus Aid, Relief and Economic Security (CARES) Act. The seventh report from the congressional commission overseeing the distribution of federal loans made to businesses negatively impacted by the pandemic noted "serious concerns" with the YRC loan and said the "Department of Defense has yet to provide the commission a satisfactory explanation for how YRC is critical to national security." A $17 billion carve-out under subtitle A in the lending program allows a national security designation, deemed by the secretary of defense or the director of national intelligence, to qualify a company for relief. It was Defense Secretary Mark Esper who recommended and certified that YRC, which provides 68% of the Defense Department's LTL services hauling food, electronics and other supplies domestically for the military, met the standard.

The recently rebranded Yellow Corp. — formerly YRC Worldwide — narrowed annual losses by nearly half even as fourth-quarter losses widened, and said it is bolstering operations through property divestitures and investments in new equipment.

Less-than-truckload volumes appeared to remain elevated during December, according to Amit Mehrotra, managing director and head of transportation and shipping research at Deutsche Bank (NYSE: DB ). The December data indicates the sequential monthly trends were in line with "typical seasonality," however off of a higher base. The firm's Sunday report to clients showed activity at Old Dominion Freight Line (NASDAQ: ODFL ) terminals was down 10.1% from November to December, in line with the carrier's historical 9.8% sequential decline in shipments. "Our geofencing dataset shows typical seasonality in December, but this is off very solid levels in recent months. And we also believe pricing dynamics remain very strong," Mehrotra said in the note. Mehrotra is estimating a 9% sequential decline in shipments at Saia (NASDAQ: SAIA ) and XPO Logistics (NYSE: XPO ), with YRC Worldwide (NASDAQ: YRCW ) seeing a 14% decline during the month. Deutsche Bank's data innovation group bases its estimates on a proprietary algorithm, which analyzes mobile phone geolocation data within certain boundaries of more than 1,300 LTL terminals across the country.

In a largely uncontentious commission hearing Thursday over the national security loan program, Treasury Secretary Steven Mnuchin acknowledged the $700 million loan made to less-than-truckload carrier YRC Worldwide (NASDAQ: YRCW ) was "risky" and one that he would have not made. Facing questions from the oversight commission tasked with monitoring the distribution of federal loans established under the Coronavirus Aid, Relief and Economic Security (CARES) Act, Mnuchin said he was encouraged by members of Congress to take losses on the loans as the program's intent was to address an immediate liquidity crisis. He said some of the lending programs afforded under the act were done with the analysis that they would lose money. Referring to his former banking and lending days, Mnuchin said, "If my bank had been underwriting this loan, we would have not made this loan." National security designation The point of the hearing was to examine loans to "businesses critical to maintaining national security," a subtitle in the legislation that allotted $17 billion in federal money for companies fitting the designation.

U.S. Treasury Secretary Steven Mnuchin said on Thursday he will recommend that his successor next year consider selling to a third party the $700 million emergency government loan made to trucking company YRC Worldwide at a profit to taxpayers.

The rationale behind the $700 million pandemic-relief loan made to less-than-truckload (LTL) carrier YRC Worldwide (NASDAQ: YRCW ) appears to be a likely topic during an upcoming congressional hearing on the national security loan program established under the Coronavirus Aid, Relief and Economic Security (CARES) Act. The seventh report from the congressional commission overseeing the distribution of federal loans made to businesses negatively impacted by the pandemic noted "serious concerns" with the YRC loan and said the "Department of Defense has yet to provide the commission a satisfactory explanation for how YRC is critical to national security." A $17 billion carve-out under subtitle A in the lending program allows a national security designation, deemed by the secretary of defense or the director of national intelligence, to qualify a company for relief. It was Defense Secretary Mark Esper who recommended and certified that YRC, which provides 68% of the Defense Department's LTL services hauling food, electronics and other supplies domestically for the military, met the standard.

Less-than-truckload volumes appeared to remain elevated during December, according to Amit Mehrotra, managing director and head of transportation and shipping research at Deutsche Bank (NYSE: DB ). The December data indicates the sequential monthly trends were in line with "typical seasonality," however off of a higher base. The firm's Sunday report to clients showed activity at Old Dominion Freight Line (NASDAQ: ODFL ) terminals was down 10.1% from November to December, in line with the carrier's historical 9.8% sequential decline in shipments. "Our geofencing dataset shows typical seasonality in December, but this is off very solid levels in recent months. And we also believe pricing dynamics remain very strong," Mehrotra said in the note. Mehrotra is estimating a 9% sequential decline in shipments at Saia (NASDAQ: SAIA ) and XPO Logistics (NYSE: XPO ), with YRC Worldwide (NASDAQ: YRCW ) seeing a 14% decline during the month. Deutsche Bank's data innovation group bases its estimates on a proprietary algorithm, which analyzes mobile phone geolocation data within certain boundaries of more than 1,300 LTL terminals across the country.

In a largely uncontentious commission hearing Thursday over the national security loan program, Treasury Secretary Steven Mnuchin acknowledged the $700 million loan made to less-than-truckload carrier YRC Worldwide (NASDAQ: YRCW ) was "risky" and one that he would have not made. Facing questions from the oversight commission tasked with monitoring the distribution of federal loans established under the Coronavirus Aid, Relief and Economic Security (CARES) Act, Mnuchin said he was encouraged by members of Congress to take losses on the loans as the program's intent was to address an immediate liquidity crisis. He said some of the lending programs afforded under the act were done with the analysis that they would lose money. Referring to his former banking and lending days, Mnuchin said, "If my bank had been underwriting this loan, we would have not made this loan." National security designation The point of the hearing was to examine loans to "businesses critical to maintaining national security," a subtitle in the legislation that allotted $17 billion in federal money for companies fitting the designation.

U.S. Treasury Secretary Steven Mnuchin said on Thursday he will recommend that his successor next year consider selling to a third party the $700 million emergency government loan made to trucking company YRC Worldwide at a profit to taxpayers.

The rationale behind the $700 million pandemic-relief loan made to less-than-truckload (LTL) carrier YRC Worldwide (NASDAQ: YRCW ) appears to be a likely topic during an upcoming congressional hearing on the national security loan program established under the Coronavirus Aid, Relief and Economic Security (CARES) Act. The seventh report from the congressional commission overseeing the distribution of federal loans made to businesses negatively impacted by the pandemic noted "serious concerns" with the YRC loan and said the "Department of Defense has yet to provide the commission a satisfactory explanation for how YRC is critical to national security." A $17 billion carve-out under subtitle A in the lending program allows a national security designation, deemed by the secretary of defense or the director of national intelligence, to qualify a company for relief. It was Defense Secretary Mark Esper who recommended and certified that YRC, which provides 68% of the Defense Department's LTL services hauling food, electronics and other supplies domestically for the military, met the standard.

It appears that the Department of the Treasury's proactive attempt to respond to the Congressional Oversight Commission's concerns regarding the rationale behind the $700 million loan to less-than-truckload (LTL) carrier YRC Worldwide (NASDAQ: YRCW ) will not suffice. In the third report from the commission overseeing the distribution of funds provided by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to businesses struggling from the impact of the pandemic, several queries were laid out as to why a lending package was provided to YRC . Treasury Department Explains Rationale For Loan On July 30, the Treasury Department proactively penned a letter to the commission addressing the rationale. A sticking point for the commission was YRC being designated as a "business-critical to maintaining national security." The letter stated that the department was given authority to make loans to "businesses critical to maintaining national security" and that the loans be related to "losses incurred as a result of coronavirus." The Treasury Department contended the CARES Act didn't spell out specifically which companies would qualify for loans and that it issued specific guidance identifying qualifying companies in April.