APO - Mnuchin says his successor should sell $700M YRC Worldwide loan

Speaking to a congressional oversight commission on federal coronavirus aid programs, U.S. Treasury Secretary Steven Mnuchin said he would recommend that his successor consider selling a $700M emergency government loan made to trucking company YRC Worldwide (YRCW) at a profit for taxpayers.He said the loan to YRC, which hauls products for the Defense Department, "was a risky loan."The loan was the largest of 11 loans made from a $17B coronavirus rescue fund that was initially intended to support large defense contractors such as General Electric and Boeing.YRC Worldwide's stock more than doubled on July 1, 2020 when news of the $700M loan broke:It was also a controversial one. Mnuchin said he wasn't directly aware of YRC creditor Apollo Global Management's (APO) ties to Jared Kushner, White House adviser and President Trump's son-in-law. Those ties included a $184M loan to Kushner Companies from Apollo.He said the loan was made to protect Defense

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Mnuchin says his successor should sell $700M YRC Worldwide loan