Blake
07-01-2020, 12:19 PM
"New York(CNN Business)The US Treasury is giving a $700 million loan to YRC Worldwide, a troubled trucking company that warned in May it was in danger of going out of business.
That's an enormous sum for a company whose stock had plunged 27% this year and was worth only $70 million as of Tuesday's close. And here's the kicker: The government sued YRC for ripping it off.
Long-term competitive problems had taken the company's stock down 85% over the last five years. But shares of YRC (YRCW) shot up 60% in early trading on the news of the bailout...."
https://www.cnn.com/2020/07/01/business/yrc-federal-loan/index.html
That's an enormous sum for a company whose stock had plunged 27% this year and was worth only $70 million as of Tuesday's close. And here's the kicker: The government sued YRC for ripping it off.
Long-term competitive problems had taken the company's stock down 85% over the last five years. But shares of YRC (YRCW) shot up 60% in early trading on the news of the bailout...."
https://www.cnn.com/2020/07/01/business/yrc-federal-loan/index.html