Accounts receivable, lots and lots of valuable real estate..Holland Atlanta is 155 doors and is not leased and there are several more.
I couldn't take a guess as to how many tractors, trailers, dollies, forklifts, office equipment, computers, shop equipment and parts ect.are at Yellow, Holland,New Penn and Reddaway if they decided to auction off.
They sold stuff off for a couple years at C.F and YRCW is a giant compared to them.
The biggest thing to me if I were a lender would be to stop the bleeding and cut my losses.
Keep in mind though, this was about obtaining new financing and the money loaned would be on their terms.
The problem with our so called assets sale would be the fact that the assets are not worth anything. The equipment that we actually do own besides the far and few newer equipment trickling in is that for the most part junk.
85% plus percent of the tractors and trailers currently put on the road each day in the YRCW family of companies are rust buckets. They do not hold much more value than the scrap metal that they are on the open market. Sure you could sell off a percentage of the newer ones, but with the EPA reg's all the old ones would be of no value in the States.
The age of the fleet alone is a huge liability over all. At some point real soon it all needs to be replaced due to regulations. This corporation does not have the line of credit nor does it have the funds to do so in the manner needed to comply with federally mandated regulations. Sure we will get grandfathered in for much of it for a period of time, but even that swan song comes to an end soon.
As for the technology assets: YRC as well as the regional's are running antiqued systems in 2017 compared to its competitors. Even the "newest" of the new that is rolled out is years behind, so that really holds little value except for the recycling industry.
The forklifts and shop equipment are tired and worn out for the most part as well. Sure there are some newer equipment through the system from tractors to lifts, but as a whole our so called "assets" hold little resale value.
Take for example the fact that they are having to put in the ELOG ports into tractors that have dashboards that are falling apart. The ELOG tech alone is worth more than many of the tractors it is being installed into.
The roulette game this company plays with putting equipment on the road each and every day that should have been retired long ago is going to come to a fatal juncture at some point. You and I along with the mechanics can only verify that the equipment is safe to a certain extent. The age, stresses over the years, weather fluctuations, and lack of general maintenance due to reductions in budgets has made the vast majority of the equipment a ticking time bomb for an eventual fatality.
So let's look at the BIG picture besides the main concerns we have going into 2019:
YRCW and it's entire family of companies has so much going against it right now. It may just be a ship so far off course that it can not really be turned around. I am not saying these things in jest or out of spite, I am pointing out some real realities here that we all can observe if we really wanted to.