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  1. #1
    Imitated never duplicated

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    Default YRC Completes All Major Milestones

    There you have it! Done deal!

    YRC Worldwide Achieves Success With Financial Restructuring Plan (NASDAQ:YRCW)
    YRC Worldwide Achieves Success With Financial Restructuring Plan
    -- Company completes all major milestones of plan announced April 29


    OVERLAND PARK, Kan., July 22, 2011 /PRNewswire/ -- YRC Worldwide Inc. (Nasdaq: YRCW) announced today it has successfully closed the financial restructuring plan announced April 29, completing the last remaining milestones.

    YRC Worldwide has:

    • Issued new convertible notes for the infusion of $100 million in new capital.
    • Increased liquidity by replacing the company's existing asset-backed securitization (ABS) facility with a new three-year, $400 million asset-based loan (ABL) facility. Commitments for the new ABL were announced earlier this month.
    • Exchanged a portion of the company's loans and other obligations for new securities, including equity. As a result, the company's shareholders at the time of the exchange will be reduced to holding approximately 2.5 percent of the company's outstanding stock and will be subject to further dilution by a proposed management incentive plan and the conversion of new convertible notes.

  2. #2
    Excremental Modulator

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    Default Re: YRC Completes All Major Milestones

    It was a done deal almost a year ago, they're just going through the motions, glad I'm off on disability cause I don't want to see our fat cow of a sales lady all gushing

  3. #3
    I Am Rocking Now

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    Default Re: YRC Completes All Major Milestones

    They never did add the restructuring element whereby stupid money losing practices and decisions must be eliminated.

  4. #4
    Excremental Modulator

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    Default Re: YRC Completes All Major Milestones

    Quote Originally Posted by Pullin3 View Post
    They never did add the restructuring element whereby stupid money losing practices and decisions must be eliminated.
    They lack a necessary skill set called Competence!

  5. #5
    Getting In The Groove Now.

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    Default Re: YRC Completes All Major Milestones

    Lot better lookout beyond the horizon.... Things got rocky in the last few years but its just good to get some REAL good news finally but I always knew we would get on track to getting things back together. Still a long road to travel bu the ride should be a lot better from here

  6. #6
    Excremental Modulator

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    Default Re: YRC Completes All Major Milestones

    Quote Originally Posted by oneofus View Post
    Lot better lookout beyond the horizon.... Things got rocky in the last few years but its just good to get some REAL good news finally but I always knew we would get on track to getting things back together. Still a long road to travel bu the ride should be a lot better from here
    Another platitude! Explain how what you say is going to happen.

  7. #7
    Not So Fast Scabs

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    Default Re: YRC Completes All Major Milestones

    Well sure as Hell better than hearing YRC will Shut Down at end of Buisness day!! Been there done that Gety over it alreaDY MOVE ON WATERS UNDER THE BRIDGE OVER AND OUT!!

  8. #8
    Excremental Modulator

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    Default Re: YRC Completes All Major Milestones

    Quote Originally Posted by BilyWamBam View Post
    Well sure as Hell better than hearing YRC will Shut Down at end of Buisness day!! Been there done that Gety over it alreaDY MOVE ON WATERS UNDER THE BRIDGE OVER AND OUT!!
    Get over what? You actually believed they were going to shut down today? LOL!!!

  9. #9
    Getting In The Groove Now.

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    Default Re: YRC Completes All Major Milestones

    Kickass because we can go to work for a while without worrying about employees of other carriers and their salesmen going to our customers telling them that we're going bankrupt and all that kind of mess. At least we got a level playing field to grow some business and get more laid off guys back to work and and we can just focus on more positive stuff like we did before all this mess came about. Very many and it seems like not even you thaught we would make it this far and still be here but if you just give it time the dark clouds fly on by and eventually the sun shines again. I'm just saying whats going to happen is going to happen and its just good to see things happening towards the direction of the positive side for the people that work with us that still want a job and to maintain seniority without going somewhere else starting over. Yes we GAVE UP A LOT to make it here bu like the man said before this comment. Its better than the headlines reading YRC Closes Its Doors. The doors are open and other folk cant use the threat of em closing to put fear in the customers as a tool to get our freight anymore. Thats basically what I was saying. Its been hard and bumpy but its better than the unemployment line and the stories of others that lost their middle class jobs.

  10. #10
    Excremental Modulator

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    Default Re: YRC Completes All Major Milestones

    Dude! All that and you just said the same thing as before. I doubt with a consistently ever rising bill count that customers thought we were going bk, talk about bk to some of your customers and they wont have a clue what you're talking about, they're just looking (most of them) for the cheapest/fastest service. Big Fat sales Hag in my area is always telling me about fedex undercutting to get yrc accounts but when I ask the customer they say fedex cost more. I never doubted this day was going to happen, it was a cooked up deal long before the last concession by our fearless leader, his sidekick and Darth Zollars. Platitudes and positive feelings will not make a profit.

 

 
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