U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake

WASHINGTON (Reuters) – The U.S. Department of Treasury on Wednesday said it had agreed to loan YRC Worldwide inc $700 mln loan in exchange for a 29.6% equity stake in the transportation company, saying it was essential for moving military supplies.

In statement, the department said the loan was made under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and would help preserve about 30,000 trucking jobs for the company.

(Reporting by Susan Heavey, editing by Louise Heavens)