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Kansas-based YRC Worldwide Inc., the trucking conglomerate with a significant midstate presence, has asked its lenders to amend credit agreements to give the company more wiggle room to meet financial requirements.


YRC is seeking amendments to the credit deals that would reduce compliance thresholds on three key metrics, saying that since October it has exceeded its forecasts and continues to make progress in the company's financial turnaround, according to a filing today with the U.S. Securities and Exchange Commission.

The reduced requirement requests include:

Reducing the threshold for consolidated earnings before interest, taxes, depreciation and amortization, or EBITDA, by between 25 and 35 percent.
Reducing the interest coverage ratio threshold by between 30 and 40 percent.
Cutting total leverage ratio requirements by between 35 and 55 percent.................

YRC Worldwide asks creditors for more wiggle room | Central Penn Business Journal
 
April 20. 2012 11:00AM - Last modified: April 20. 2012 11:47AM

Yeah,I guess less than 24 hour's would make it old.!!!!!!!!!!!!!!!!!!!!

Bigtruk is in denial about the situation.:sadwavey:

Hey Bigtruk check this for your area,might as well get ahead of everyone before it is too late.

https://ups.managehr.com/Home.htm
 
I started working for Roadway back in the 70s and there was always talk about the company closing,our terminal shutting down,big layoffs,and operational changes.Many people were afraid to buy a house,buy a new car,or do anything basically. Drivers and dockworkers were always talking about quitting and find another job before the next shoe drops. I guess that`s the nature of the freight business. While the financial position of YRC is worse now than it was back then the rhetoric is still the same. Maybe worse. Maybe YRC will go bankrupt or even shut down,but there isn`t anything anyone on truckingboards can do to change that. I have to wonder how many people at Yellow or Roadway spent their 30 plus year career worrying about about when the next shoe was going to drop instead of enjoying the present and the good living that these companies provided. I`ll bet they look back at those 30 years and wish they did things differently. For now the best thing to do is go to work everyday as long as the paycheck is there,if another opportunity comes along in the meantime,jump on it if it means more job security to you. Ya gotta live for today instead of worrying for the next 30 years. No one knows for sure,but YRC may be around for the next 30 years.
 
I agree with what you say. The difference is years ago you would go across the street for another union trucking job,those days are over.There are no jobs out there right now never mind union jobs..I think this is why people are so stressed out.Times are really bad right now.A lot of people have time in for their pensions,where are they going to go earn time.
 
Maybe this pos "freight" company should have a COO. They could exit the 3-5 day market and concentrate on what they do best, the next week market.
 
slim66 said:
Maybe this pos "freight" company should have a COO. They could exit the 3-5 day market and concentrate on what they do best, the next week market.
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this isnt funny by any means but damn bro i almost spit my coffee out when i read this
 
slim66 said:
Maybe this pos "freight" company should have a COO. They could exit the 3-5 day market and concentrate on what they do best, the next week market.
Click to expand...

Maybe this "pos" company could have another COO and get rid of all the "pos" employees who want it to fail and then maybe they won't be a "pos" company anymore! Just a thought.
 
Are you suggesting I want it to fail? They don't need me to want it to fail. It's doing just fine on its own. I need this "freight" company to stop dragging the companies that actually perform into the crapper.
 
slim66 said:
Are you suggesting I want it to fail? They don't need me to want it to fail. It's doing just fine on its own. I need this "freight" company to stop dragging the companies that actually perform into the crapper.
Click to expand...

I have no idea if you really do or not, but judging by your constant negativity I don't get the feeling you're trying too hard to help them survive. I could be wrong though.
 
I haven't looked to see if Hostess has a forumn here. But I'll bet if it does those Teamsters employed there understand how precarious ANY union job is in today's America. As SgtShultz posted just go to work and do YOUR job to the best of your ability. No teamsters here hoped for this mess. Just pray that the sacrifices we have made will be enough.
 
The trucking companies owned by YRCW need to have a good operating ratio to service the debt and also replace the trucks and stay on top of the computer system by investing in that also.

If the COO was a big money saver one would think it would be news exspecially with the teamsters having a seat on the board of directors. How many man hours will the COO save on the docks and how many linehaul miles will it save ? Will it be enough to swing YRC-F's operating ratio into the black by a good margian so YRCW can pay the corporate debt and YRC-F can start replacing equipment ?
 
zigzag1149 said:
The trucking companies owned by YRCW need to have a good operating ratio to service the debt and also replace the trucks and stay on top of the computer system by investing in that also.

If the COO was a big money saver one would think it would be news exspecially with the teamsters having a seat on the board of directors. How many man hours will the COO save on the docks and how many linehaul miles will it save ? Will it be enough to swing YRC-F's operating ratio into the black by a good margian so YRCW can pay the corporate debt and YRC-F can start replacing equipment ?
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I'm sure that management made the COO decision taking all that you've said into consideration. All we can do is hope they made the right decision and that it works out for all of us. What else is there that we can do except try to make it work. Anything else is self defeating in my opinion.
 
Triplex said:
I'm sure that management made the COO decision taking all that you've said into consideration. All we can do is hope they made the right decision and that it works out for all of us. What else is there that we can do except try to make it work. Anything else is self defeating in my opinion.
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How does anyone out here know if it's just smoke and mirros to try and give the investors another snow job or not ? If there is no real savings involved and their only plan is hoping the economy becomes good to YRC so they can increase revenue and hope to make a profit the membership of the union should be told the truth along with investors. What are the numbers ? It's a publicly traded company so investor info comes with being listed on a stock exchange.

How about the sale price of the 61 terminals they sold and the china operation and glen moore ?

what are they hiding ?
 
zigzag1149 said:
How does anyone out here know if it's just smoke and mirros to try and give the investors another snow job or not ? If there is no real savings involved and their only plan is hoping the economy becomes good to YRC so they can increase revenue and hope to make a profit the membership of the union should be told the truth along with investors. What are the numbers ? It's a publicly traded company so investor info comes with being listed on a stock exchange.

How about the sale price of the 61 terminals they sold and the china operation and glen moore ?

what are they hiding ?
Click to expand...

Unless you're one of the banks lending them money, why are you getting yourself all in a snit over all of that? Folks in the financial sector have facts and information that we don't.

Do you get paid for every day/hour that you work? Do your pay checks get cashed or your direct deposit get credited properly? That should be your concern. And so far, as far as I know, there haven't been any issues there so why not chill about the things that we have no control over. There are enough things in life to worry about without adding things we can't control.
 
zigzag1149 said:
The trucking companies owned by YRCW need to have a good operating ratio to service the debt and also replace the trucks and stay on top of the computer system by investing in that also.

If the COO was a big money saver one would think it would be news exspecially with the teamsters having a seat on the board of directors. How many man hours will the COO save on the docks and how many linehaul miles will it save ? Will it be enough to swing YRC-F's operating ratio into the black by a good margian so YRCW can pay the corporate debt and YRC-F can start replacing equipment ?
Click to expand...

Hey, slowdown, first things first. Bigger compensation packages, bonuses, golden parachutes for executives should be a top priority.
 
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