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  1. #1
    Moving the Nations Freight

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    Default YRC Worldwide Bank Discussions Take Another Step Forward

    OVERLAND PARK, Kan., Jan. 16 /PRNewswire-FirstCall/ -- YRC Worldwide Inc. (Nasdaq: YRCW - News) today stated that it has completed an important step toward finalizing an amendment with its banking group by obtaining waivers under its credit facilities. The company previously announced discussions with its banking group to modify certain terms of its credit facilities, including changes to its leverage ratio, in addition to early renewal of its asset-backed securitization ("ABS") facility. The company's banking group provided waivers for the credit facilities until mid-February 2009 to allow sufficient time to amend the facilities and renew the ABS without a delay in reporting the company's 2008 results scheduled for after market on January 29, 2009. Given that YRC canceled its tender offer in late December and retained the $250 million of cash drawn on the revolver in October 2008, the company expects its total debt to exceed 3.5 times (a limit established in its credit facilities) its trailing twelve months earnings before interest, taxes, depreciation and amortization as of December 31, 2008.

    YRC Worldwide Bank Discussions Take Another Step Forward - Yahoo! Finance

  2. #2
    Resistance is futile.

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    Default Re: YRC Worldwide Bank Discussions Take Another Step Forward

    This good or bad information?

  3. #3
    Getting In The Groove Now.

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    Default Re: YRC Worldwide Bank Discussions Take Another Step Forward

    ouch my brain hurts, make the big words stop.

  4. #4
    Moving the Nations Freight

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    Default Re: YRC Worldwide Bank Discussions Take Another Step Forward

    Quote Originally Posted by Teamster View Post
    This good or bad information?
    Both. The good news is that the banks have given YRC more time to renegotiate their loans. The bad news is that YRC needs to renegotiate these loans in the first place and there is no guarantee that they will reach an agreement with the banks.

    What YRC is asking for is a relaxing of the covenants (terms of the loans) because they were going to be in/are in violation of those terms. Any violation of the covenants gives the banks the ability to foreclose on the loan which would bring a forced bankruptcy.

    It's good to see the banks willing to work with YRC but unless they can come up with an agreement, this all means nothing.

  5. #5
    Getting In The Groove Now.

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    Default Re: YRC Worldwide Bank Discussions Take Another Step Forward

    show off.

  6. #6
    Moving the Nations Freight

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    Default Re: YRC Worldwide Bank Discussions Take Another Step Forward

    Quote Originally Posted by ircookiemonster View Post
    show off.

  7. #7
    I Am Rocking Now

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    Default Re: YRC Worldwide Bank Discussions Take Another Step Forward

    What amazes me is that the federal govt. gave banks all that loan money, yet the banks don't want to loan it to anyone?

  8. #8
    Moving the Nations Freight

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    Default Re: YRC Worldwide Bank Discussions Take Another Step Forward

    Quote Originally Posted by WestCoast View Post
    What amazes me is that the federal govt. gave banks all that loan money, yet the banks don't want to loan it to anyone?
    They won't/can't even tell the Government what they did with it.
    The Bush administration really screwed this up. I hope the Obama team can do better.

  9. #9
    It's 5 PM somewhere!

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    Default Re: YRC Worldwide Bank Discussions Take Another Step Forward

    Quote Originally Posted by WestCoast View Post
    What amazes me is that the federal govt. gave banks all that loan money, yet the banks don't want to loan it to anyone?
    Then after giving bailout money to the big banks with no restrictions and no oversight, forced the automakers to jump thru all sorts of hoops in order to get a loan.
    Can we see the difference here? Hint; five letter word starts with U.

  10. #10
    HBF
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    Default Re: YRC Worldwide Bank Discussions Take Another Step Forward

    Stimulus plan repeals big tax break for banks
    WASHINGTON – House Democrats' version of the $825 billion recession rescue package would end billions of dollars in tax breaks the Bush administration quietly gave to banks last fall.

    Already almost exclusive beneficiaries of a $700 billion Wall Street bailout, banks are largely left out of the House stimulus package that President-elect Barack Obama wants passed quickly through Congress. Those getting financial bailout money wouldn't even be eligible for one of the main business tax breaks aimed at priming the economic pump.

    Homebuilders, manufacturers, retailers and low-income families share the bulk of the $275 billion in proposed new tax cuts.

 

 
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