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...Apollo Global Management has shed its financial exposure to failed US trucking company Yellow, selling off a $500mn term loan and dropping plans to extend pricey financing to fund the freight group’s bankruptcy...
...The company, then known as YRC Worldwide, received a $700mn Covid-19 relief loan from the Trump administration during the summer of 2020, resulting in the federal government holding a 30 per cent stake in...
...The agreement announced on Wednesday will give the US government a 29.6 per cent stake in the Kansas-based company, which employs 30,000 freight workers, including 24,000 members of the historically prominent...
...Both YRC and Old Dominion Freight Line sounded similarly gloomy about December’s figures....
...YRC said it had to pay $34m to $45m a month to its plan, while its freight volumes had fallen by 29 per cent in the latest quarter compared with a year ago....
...Numerous small trucking companies have gone out of business and YRC Worldwide, one of the largest truckers, has had to renegotiate its loan agreements with its banks after its total tonnage carried in the...
...Truck freight volumes in March this year were 12.2 per cent below the same month last year, according to the American Trucking Associations....
...YRC Worldwide , the trucking company, fell 9.7 per cent to $15.43 after warning it expected to incur charges in the fourth quarter related to previous acquisitions....
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