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Fitch Downgrades YRC Worldwide's IDR to 'CC'

CHICAGO, Feb 18, 2009 (BUSINESS WIRE) -- Fitch Ratings has taken the following rating actions on YRC Worldwide Inc. (YRCW:yrc worldwide inc com
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YRCW 2.80, -0.11, -3.8%) and its YRC Regional Transportation, Inc. subsidiary:
YRC Worldwide Inc.
--Issuer Default Rating (IDR) downgraded to 'CC' from 'CCC';
--Secured credit facilities to 'B-/RR2' from 'B/RR1';
--Senior unsecured affirmed at 'C/RR6'.
YRC Regional Transportation, Inc.
--IDR downgraded to 'CC' from 'CCC';
--Senior secured notes affirmed at 'C/RR6'.
In addition, Fitch has removed the ratings from Rating Watch Negative where they were originally placed on Jan. 9, 2009.
Fitch's ratings apply to approximately $550 million in notes, a $111.5 million secured term loan and a $950 million secured revolving credit facility. Fitch is not providing a Rating Outlook for YRCW.
The downgrade in the ratings follows YRCW's announcement that it has entered into an amendment to its credit facility agreement...


Fitch Downgrades YRC Worldwide's IDR to 'CC' - Yahoo! Finance


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yrc is too stubborn..instead thay are selling all the real estate.that way the'll have no collateral..how long do uou think it will be til they burn all the dough
 
they seem to be selling holland and reddaway and yrc properties but no New Penn properties. He is keeping us so he can sell us for more $$$$$$$ Then again maybe the banks owns too much of the properties.
 
Another big issue is that there needs to be a BUYER...........trucking companies are not a desired investment in the past couple years.
 
newpenn107 said:
The banks do own everything. or they atleast hold the titles..newpenn owns nothing
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Why would New Penn own anything ... we are owned by YRCW.
As for what is mortgaged, or what property has liens can only be subject to pure speculation.
In the corporate world, to divulge information like that is never done, except in secret reports and filings to the SEC.
Show me one piece of written documented information to show what is mortgaged, what has liens placed against it, or what banks own us.
Actually, I think any valuable property may have been used as collateral to secure the credit line and loans that were used to fund all the recent purchases by YRCW, including the Roadway / New Penn deal.
New Penn owns nothing, YRCW is the sole owner of record.
 
Read some of these SEC filings submitted by YRCW. The ones about material transfers concern mostly property's, some outline the credit agreements.
I could not find one listing any New Penn property sold ( or leased back ), however I did see the latest one dated 2/20/09 with the notation that property's from YRC, USF Reddaway and USF Holland were sold and leased back.
Corporate financial agreements are very detailed and confusing to the average person, like myself. Understanding what is going on with New Penn, the property's and what will happen ( or could happen ) is only speculation at best.
Let's sit back, wait out this economic downturn and hope for the best so that we may all return back to a good job someday soon.
YRC Worldwide- SEC Filings
 
flstc2000 said:
Read some of these SEC filings submitted by YRCW. The ones about material transfers concern mostly property's, some outline the credit agreements.
I could not find one listing any New Penn property sold ( or leased back ), however I did see the latest one dated 2/20/09 with the notation that property's from YRC, USF Reddaway and USF Holland were sold and leased back.
Corporate financial agreements are very detailed and confusing to the average person, like myself. Understanding what is going on with New Penn, the property's and what will happen ( or could happen ) is only speculation at best.
Let's sit back, wait out this economic downturn and hope for the best so that we may all return back to a good job someday soon.
YRC Worldwide- SEC Filings
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I don't think now there's any chance that UPS will buy USF if it is true they are even selling their properly and leashing it back also. Of course that rumor could of been a bunch of bunk also. But I kind of doubt it.
 
Its all owned by YRCW now and they're doing what they want to. None of the subsidiaries have any say of what they do to any of us. They can buy, trade, sale or anything else they want to do, we have no control over it what so ever.
 
New Penn owns nothing, YRCW is the sole owner of record...

I understand that YRCW is the corporate owner, but if you want to get technical like you have in your post, then grab any of newpenns terminal address and have someone do a tax/title search. Title holder is newpenn. Atleast I know for a fact that the cinnaminson terminal is that way .
But the bottom line is like you say, NewPenn has no control over anything
 
newpenn107 said:
New Penn owns nothing, YRCW is the sole owner of record...

I understand that YRCW is the corporate owner, but if you want to get technical like you have in your post, then grab any of newpenns terminal address and have someone do a tax/title search. Title holder is newpenn.
Click to expand...
That is because "New Penn" is the actual name of the subsidiary within the YRC corporate structure, same as the trucks say New Penn.
Are you not the title holder of your automobile ? Bet the bank actually holds the title ( lien ), at least they do with mine, but my name is on the title as owner.
 
Skeeter said:
I don't think now there's any chance that UPS will buy USF if it is true they are even selling their properly and leashing it back also. Of course that rumor could of been a bunch of bunk also. But I kind of doubt it.
Click to expand...

From what I understand Skeeter, UPGF will buy nothing, we are currently leasing land from UPS and putting in zone terminals, the Notheast is deemed for zone terminals and a hub in Mass. next year.

They will however take accounts and drivers. We have been told to interview drivers and keep them on hold in the northeast, something big is going to happen in 2009 for us.

MGNT. is being kept in the dark, first time for everything I guess. The hall keeps telling us we are going to get incredibly busy soon. I wonder if I should hold my breath.
 
crazy said:
We are starting to get back the accounts that upsf took from us..They cant match our service ..
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That is true, we cannot hold the same service, atleast not yet, 2009 will be different. Believe me, I certainly do not want to see anyone out of work.
 
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