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  1. #1
    Having Fun Now

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    Default Lenders ease YRC Worldwide’s liquidity requirement

    YRC Worldwide Inc. and its lenders have finalized another credit agreement amendment, signaling continued support of the trucking giant through financial losses.

    Overland Park-based YRC (Nasdaq: YRCW) wrapped up the agreement with JPMorgan Chase Bank N.A. and other lenders on Friday, according to a Monday filing with the Securities and Exchange Commission. The agreement maintains a $950 million credit facility for YRC and a senior loan of about $111.5 million, but it suspends until Oct. 13 a requirement that YRC always have liquidity of $100 million or more. It also puts off until Oct. 12 the prepayment of outstanding revolving loans from the proceeds of real estate asset sales; half of any prepayment will increase the revolver reserve amount
    Lenders ease YRC Worldwide’s liquidity requirement - Kansas City Business Journal:

  2. #2
    Resistance is futile.

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    Default Re: Lenders ease YRC Worldwide’s liquidity requirement

    This is great, we are going to make it with support that everyone has given, especially us Teamsters!

  3. #3
    Getting In The Groove Now.

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    Default Re: Lenders ease YRC Worldwide’s liquidity requirement

    finally the banks have done their part ........ NOW the focus needs to be managements part of "equal sacrifice" including layoffs and wage cuts as well were still over managed here at 875 portland..... alot of bloated salaries and to much waste!!!!

  4. #4
    Screwed by Yellow twice

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    Default Re: Lenders ease YRC Worldwide’s liquidity requirement

    I was wonder why the stock shot up 38% on Friday. Were on a hope and prayer so think postive.

  5. #5
    Getting In The Groove Now.

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    Default Re: Lenders ease YRC Worldwide’s liquidity requirement

    At 241 we are over managed at the top too. I think we have 4 ATM and about 6 to many supervisers.

  6. #6
    Getting In The Groove Now.

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    Default Re: Lenders ease YRC Worldwide’s liquidity requirement

    Quote Originally Posted by funkerus View Post
    finally the banks have done their part ........ NOW the focus needs to be managements part of "equal sacrifice" including layoffs and wage cuts as well were still over managed here at 875 portland..... alot of bloated salaries and to much waste!!!!
    Equally as well at Birch Run, Mi. We have as many managers now if not more than when we were doing 700 inbound bills and 400 outbound bills daily with 66 regular dock employees and 6 casuals. Now its 300+ inbound with 200+ outbound with 30-34 dock workers. We still have 5 managers.

  7. #7
    I Am Rocking Now

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    Default Re: Lenders ease YRC Worldwide’s liquidity requirement

    =DJ YRC Worldwide Amends Credit Agreement Again; Shares Rise

    .
    By David Benoit
    Of DOW JONES NEWSWIRES


    NEW YORK (Dow Jones)--YRC Worldwide Inc. (YRCW) said late Monday that it amended its credit agreement with its lenders, led by JPMorgan Chase & Co. (JPM), again, at least temporarily alleviating the financial constraints on the beleaguered trucking company.

    YRC shares jumped 13% to $2.53 in premarket trading as the investors took hope that the new bought time would allow YRC to find a more long-term solution to its heavy debt load.

    Concerns about bankruptcy have plagued the company, though YRC has refuted the concerns and has managed to amend its credit multiple times and secure a new agreement with its biggest labor union to alleviate other costs. It has also been laying off workers, reducing wages and selling assets to try and help its liquidity.

    In a filing with the Securities and Exchange Commission on Monday, the company said it amended its $950 million revolving credit facility, temporarily suspending the requirement that it maintain liquidity equal or greater than $100 million. The company also amended other covenants in the facility, including increasing the amount YRC can receive from asset sales. The covenants are suspended until Oct. 13.

    Still, analysts wondered whether the new agreement was just another temporary fix that would only delay problems until the new October date.

    "We believe that the company's cash burn rate resulting from market share losses, hyper-aggressive pricing competition and a massive fixed cost infrastructure will continue to overwhelm management's efforts and as such we believe further covenant waivers will be required," RBC analysts said in a note to clients. "While this most recent amendment provides a temporary respite to its debt covenants, we believe that it is simply a matter of time before YRCW runs out of options."

    Dahlman Rose analysts echoed those sentiments saying, "while we are impressed by the company's ability to work with its creditors, we are concerned about YRCWs need to do so with such high frequency."


    -By David Benoit, Dow Jones Newswires;

    Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?...Ff52kn9A%3D%3D. You can use this link on the day this article is published and the following day.



    (END) Dow Jones Newswires

    September 01, 2009 09:27 ET (13:27 GMT)

  8. #8
    Getting In The Groove Now.

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    Default Re: Lenders ease YRC Worldwide’s liquidity requirement

    Quote Originally Posted by spagodie View Post
    Equally as well at Birch Run, Mi. We have as many managers now if not more than when we were doing 700 inbound bills and 400 outbound bills daily with 66 regular dock employees and 6 casuals. Now its 300+ inbound with 200+ outbound with 30-34 dock workers. We still have 5 managers.
    The management staffing levels are crazy. In Seattle after the merge there is double management. Two TM's two city managers, etc. What a waste of money. Productivity is not up either, way down.
    Last edited by kickme; 09-01-2009 at 10:08 AM.

  9. #9
    Getting In The Groove Now.

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    Default Re: Lenders ease YRC Worldwide’s liquidity requirement

    I just wonder if this amendment is enough to stop the bleeding, or just a band-aid to slow it down, still have a tough road to climb. Hoping YRC doesn't run out of money or options. Still way to top-heavy on management!!! Today is the last day of the month, it should be known as the massacre of company jobs, then I will believe we stand a chance of making it!!!!
    Last edited by yfs09; 09-01-2009 at 10:14 AM.

  10. #10
    Getting In The Groove Now.

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    Default Re: Lenders ease YRC Worldwide’s liquidity requirement

    Quote Originally Posted by yfs09 View Post
    I just wonder if this amendment is enough to stop the bleeding, or just a band-aid to slow it down, still have a tough road to climb. Hoping YRC doesn't run out of money or options. Still way to top-heavy on management!!! Today is the last day of the month, it should be known as the massacre of company jobs, then I will believe we stand a chance of making it!!!!
    In a world of serious undercut pricing by competitors to steal business plus the very questionable management decisions its no wonder business is down. First off the service area the Birch Run terminal has is a large geographic piece. We have 3 sales reps who spend 40-50 percent of the day in the office on the phones putting out fires from either missed deliveries or pickups. Thus the opposition who has twice the sales staff in the same area making premise visits in person are capitalizing on our miss fortune. But yet daily we have supervisors tripping over each other who could be better used in the sales dept to pick up slack or put out fires. The days of people calling Holland because of their reputation is gone, shipping personnel want to see the transportation rep in person. I also ask you fellow workers who are currently giving back 15% in pay plus other items, would this give back been money better spent being a solely driver-employee owned company ridding the fat and exceess bean counters to be the top service provider we once were. Think about it.

 

 
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