What's new

Yellow | (AFX UK Focus) 2009-06-18 14:05 UPDATE 1-YRC has pension fund deal, new credit amendm

J

Jeffs Better Half

Guest
DETROIT, June 18 (Reuters) - YRC Worldwide Inc has reached a deal with a pension fund that allows the struggling No. 1 U.S. trucking company to use real estate as collateral in lieu of payments to the fund, YRC said on Thursday. The deal with the Central States multi-employer pension fund covers payment deferrals estimated at $83 million in the second quarter. The pact calls for YRC to repay the ...

More...
 
Baird isn't so great

My wife and I lost a lot of money due to Baird. They don't know what they are talking about a lot of the time. I have zero faith in them. Like I keep saying, it isn't over until all of the doors are locked.
 
To: All YRC Worldwide employees

Today, we’re announcing progress with our overall plan to restore our financial strength, return YRC Worldwide to sustainable profitability and position us to grow when the economy begins to recover.

A new agreement with Central States, Southeast and Southwest Areas Pension Fund (Central States) allows us to postpone pension contributions for Q2. The agreement lets us defer around $83 million in cash this quarter, with repayment beginning next year. Central States is the largest of the multi-employer Teamsters pension funds we contribute to and represents about 58 percent of our funding obligations. We’re also finalizing our discussions with the other IBT multi-employer pension funds to participate in the same agreement. Currently, we’ve deferred about $50 million related to these other funds.

In addition, we’re announcing an amendment to our credit agreement related to real estate in conjunction with pension deferrals. And the agreement with our lenders allows us to use escrow funds from previous real estate transactions to pay down our credit facility without reducing our borrowing capacity.

We’ve also completed about $94 million in sale and financing leaseback transactions in the quarter through mid-June. We anticipate closing around another $77 million in sale and financing leaseback transactions that are currently under contract.

These are progressive steps to provide additional liquidity and flexibility for the business. At the end of May, our cash and unused borrowing capacity was around $242 million, up from $221 million at the end of April.

A copy of today’s news release is available on @yrcw and on YRCW.com.

As we strengthen our balance sheet, reduce short-term obligations and make our cost structure more competitive, we also continue to improve service levels for our customers. That’s what’s most important to them. Through this continuing economic recession, your unceasing commitment to delivering confidence to customers remains our key advantage.

Thank you,

Bill Zollars
Chairman, President and CEO
YRC Worldwide
[email protected]
 
Truckingboards NewsBot said:
DETROIT, June 18 (Reuters) - YRC Worldwide Inc has reached a deal with a pension fund that allows the struggling No. 1 U.S. trucking company to use real estate as collateral in lieu of payments to the fund, YRC said on Thursday. The deal with the Central States multi-employer pension fund covers payment deferrals estimated at $83 million in the second quarter. The pact calls for YRC to repay the ...

More...
Click to expand...

YRC, Pension Fund Agree on Deferral | Journal of Commerce
 
about Baird and others

Keep in mind ladies and gentlemen that Baird may be buying YRCW stock and does not want the stock to go up, yet. Think I am joking? They have raised some of our competetors outlook to outperform. How do I know they are not getting ready to sell our competetors stock and want that stock to go up? No, I am not joking. There is no logical reason to give any LTL 'outperform' in this economy. These are the same fools who helped millions of people lose their retirement savings in the last two years. I question someones motive when they have that much control on the markets. If YRCW did apply for bankruptcy that would be very suprising considering our very own banks are trying to help us avoid that. What a sham Baird has going on.
 
The corporation is selling its assets to meet debt covenants and pension obiligations. When that's all sold what happens next? It's all getting much to complicated. Picking up and delivering freight for a profit is what it is supposed to be about.
 
Marksmen Trans said:
To: All YRC Worldwide employees...... we also continue to improve service levels for our customers. That’s what’s most important to them. Through this continuing economic recession, your unceasing commitment to delivering confidence to customers remains our key advantage.
Click to expand...

Oh, if only this were true. :biglaugh::duh::duh:
 
You must log in or register to reply here.
Top