Wednesday, September 2, 2009

YRC Worldwide secures key $950M credit amendment

NEW YORK (AP) -- YRC Worldwide Inc. said Monday it has amended a $950 million credit agreement with lenders, another critical step in the company's struggle to avoid a possible bankruptcy filing.

The news sent shares soaring in aftermarket trading. The stock gained 33 cents, or 14.8 percent, to $2.56. It lost 14 cents, or 5.9 percent, in the regular session to close at $2.23.

The company said in a filing with the Securities and Exchange Commission that JPMorgan Chase Bank, among other lenders, will continue to provide YRC with a $950 million senior revolving credit facility, including portions available for borrowing and for letters of credit, and a senior term loan of about $111.5 million.

The credit agreement amendment suspends the requirement that the company maintain liquidity of $100 million at all times.

The company has amended other credit agreements, sold real estate, cut thousands of jobs and trimmed wages among existing workers to stay afloat.

1 comment:

Anonymous said...

Re TOMMY GLASS Rudy and Joe have you guys contact Mr Glass in summit chicago or the local teamsters 710 it will be nice to see Tommy Glass at Whittier or Fontana gate with a union sign saying FEDEX FREIGHT WILL BE A UNION COMPANY YOU LIKE IT OR NOT with all the FEDEX WATCHDOGS now with "YRC WORLDWIDE SECURES KEY CREDIT AMENDMENT" will give us more power to organize fedex freight no more lies from FEDEX MANAGEMENT about YRC going out of business thanks to those YRC TEAMSTERS WORKERS YRC WILL REMAIN IN BUSINESS FOR A LONG TIME.