Yellow | Long Term Financing in place

[Regular342]

Banks agreed to long term financing through December 31st 2010 with an option to extend through December 31st 2011. Sorry all you haters looks like the YRC ship that you hate so much will be around for a minimum of 12 more months.

Summary of YRC WORLDWIDE INC - Yahoo! Finance

 

[hoosierbilly]

Sorry all you haters looks like the YRC ship that you hate so much will be around for a minimum of 12 more months.

Good news for the few that survive.

However, the deck of that ship is littered with casualties and I see R-14 has a thread started that another 900 are about to be tossed overboard.

For many, the news is bittersweet or even moot.

 

[Regular342]

Good news for the few that survive.

However, that the deck of that ship is littered with casualties and I see R-14 has a thread started that another 900 are about to be tossed overboard.

So for many the news is bittersweet or even moot.

Well, those are nonunion jobs that will be cut. And while I hate to see anyone lose their job at least this doesn't affect us. That said they will be closing an additional 25 service centers, so that will obviously get some of us.

 

[imported_Elwood]

Banks agreed to long term financing through December 31st 2010 with an option to extend through December 31st 2011.

This isn't true. The banks agreed to extend the ABS through next October rather than it being due in April. They also deferred the fees due for another year.

They don't have a deal yet with the bondholders - IIRC big payments on those are due in April. Zollars said they're working on that and hope to have a debt-for-equity done with them by mid-December.

If they get a deal with the bondholders they can then dip into the $106M reserve amount on the ABS, but of course, they'll have to pay juice on that too.

It's not a done deal yet.

 

[jdawgett]

No new $$, just a deferral, 25 more facilities closing and more layoffs, WHOOPIE!!!

 

[Regular342]

This isn't true. The banks agreed to extend the ABS through next October rather than it being due in April. They also deferred the fees due for another year.

They don't have a deal yet with the bondholders - IIRC big payments on those are due in April. Zollars said they're working on that and hope to have a debt-for-equity done with them by mid-December.

If they get a deal with the bondholders they can then dip into the $106M reserve amount on the ABS, but of course, they'll have to pay juice on that too.

It's not a done deal yet.

You are correct. I misread the Form 8-K. My mistake. But it does sound like it will be squared away very soon.

 

[spaghettijg]

Does everyone have to give another 5%. I am sure YRC will be asking again after the New Year.

 

[grovercxl]

Does everyone have to give another 5%. I am sure YRC will be asking again after the New Year.

What will they do if the two guys that are left by then vote opposite of each other? Think they'll do rock paper scissors to decide???

 

[freightgod54]

bondholders

so what does that mean for the share price??? Is it going to dilute the equity like Citi did????

 

[spaghettijg]

so what does that mean for the share price??? Is it going to dilute the equity like Citi did????

What share price? Didn't you get that memo? A Capitalist economy is evil. YRC and the union will protect you. However, it might cost another 5% in a salary cut. Is anyone going to vote Yes for that :: too?

 

[imovaherenow]

5%....obviously the %already taken has had no impact...how would anyone expect to get the $ back and the pension..keep on deferring, just another way to say your dying... slowly

 

[Jay C]

Well, those are nonunion jobs that will be cut. And while I hate to see anyone lose their job at least this doesn't affect us. That said they will be closing an additional 25 service centers, so that will obviously get some of us.

Correct 900 non

This isn't true. The banks agreed to extend the ABS through next October rather than it being due in April. They also deferred the fees due for another year.

T

hey don't have a deal yet with the bondholders

- IIRC big payments on those are due in April. Zollars said they're working on that and hope to have a debt-for-equity done with them by mid-December.

If they get a deal with the bondholders they can then dip into the $106M reserve amount on the ABS, but of course, they'll have to pay juice on that too.

It's not a done deal yet.

They seem to have a deal with the bondholders.. OVERLAND PARK, Kan., Oct 30 (Reuters) - YRC Worldwide Inc (YRCW

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)is well on the road to regaining its financial footing as it negotiates with bondholders for a debt exchange, company officials said on Friday.

YRC wants to exchange its outstanding USF 8-1/2 percent notes and its contingent convertible notes and is currently negotiating the terms of such an exchange with a committee of its noteholders, with the goal of having a deal by the end of the year, YRC Chairman Bill Zollars said on Friday.

The company needs at least 95 percent of its bondholders to convert by Dec. 16 or must seek further lender agreements as a range of the extensions and credit arrangements depend on a successful exchange.

Officials said no cash outlays to bondholders are expected, even if the vote falls shy of the needed 95 percent.


[size=+2]"We continue to prove the naysayers wrong," said YRC chief financial officer Sheila Taylor.[/size]

Fidelity Investments: Research: Stocks

 

[imovaherenow]

sheila, sheila , sheila, you sound so professional on the conference call sweetie, when u make a dumbnut statement that proved someone wrong..explain exactly how u did that....i understand u need to do the tommy two steps in front of bill and the investors , but.cmon now lady.give me a freakn break here.......u dont have one specific plan to turn the company around..."our yield is steady"...steadily declining more like it.....do me a favor and explain how u expect to make a dime i the next 2 quarters...THATS WHAT I WANT TO HEAR!!!!

 

[turboj]

Banks agreed to long term financing through December 31st 2010 with an option to extend through December 31st 2011. Sorry all you haters looks like the YRC ship that you hate so much will be around for a minimum of 12 more months.

Summary of YRC WORLDWIDE INC - Yahoo! Finance

This still doesn't really mean a thing. The pos company had to pay a 3% fee(about 25 MILLION dollars) on the revolving credit ponzi scheme just for the honor of having all the interest and principal extended. The 540 million from the bond holders will do them in when it comes do in April. Really, who would take equity of that amount in a pos company that can't make a profit with massive cuts from employees. They can't really sell to much more because the banks have that. 900 nons eliminated! How many 100s of contracts will they do the same with, wait, its called layoff for them. 159m, WTF! They haven't made one improvement in operating loss since the 3rd quarter! Yup, 25 million today, 30-35 million for holiday pay starting at Thanksgiving, about 60 million total and still not 1 dime to cover. Plus still losing about 1-1/2 million or so a day on operations. Hoo-rah!

 

[Box Lover]

sheila, sheila , sheila, you sound so professional on the conference call sweetie, when u make a dumbnut statement that proved someone wrong..explain exactly how u did that....i understand u need to do the tommy two steps in front of bill and the investors , but.cmon now lady.give me a freakn break here.......u dont have one specific plan to turn the company around..."our yield is steady"...steadily declining more like it.....do me a favor and explain how u expect to make a dime i the next 2 quarters...THATS WHAT I WANT TO HEAR!!!!

You just . . . don't . . . get it!

You act like the economy is still going down. It's looking like it already bottomed out and is now climbing back. The next two quarters should show less losses until about 2nd quarter 2010 when we should start looking a lot better with the uptick in freight that historically starts in those months. As the economy climbs back, so do we.


PS-TurboJ called and said that his bankruptcy date has been changed to Thanksgiving 2010!

 

[Box Lover]

This still doesn't really mean a thing. The pos company had to pay a 3% fee(about 25 MILLION dollars) on the revolving credit ponzi scheme just for the honor of having all the interest and principal extended. The 540 million from the bond holders will do them in when it comes do in April. Really, who would take equity of that amount in a pos company that can't make a profit with massive cuts from employees. They can't really sell to much more because the banks have that. 900 nons eliminated! How many 100s of contracts will they do the same with, wait, its called layoff for them. 159m, WTF! They haven't made one improvement in operating lose since the 3rd quarter! Yup, 25 million today, 30-35 million for holiday pay starting at Thanksgiving, about 60 million total and still not 1 dime to cover. Plus still lossing about 1-1/2 million or so a day on operations. Hoo-rah!

Good old TurboJ!

I love how you never factor in the fact that we have been in a recession this year and now the economy looks like it's climbing back. Just like so many other doom and gloomers on this site you focus on the negative constantly. You act like the economy is going to stay as it is or get worse over the next year. Don't you know that YRCW's fortunes should improve as the economy does?

You and your predictions are hilarious!

 

[turboj]

You just . . . don't . . . get it!

You act like the economy is still going down. It's looking like it already bottomed out and is now climbing back. The next two quarters should show less losses until about 2nd quarter 2010 when we should start looking a lot better with the uptick in freight that historically starts in those months. As the economy climbs back, so do we.


PS-TurboJ called and said that his bankruptcy date has been changed to Thanksgiving 2010!

You just don't get it! You really believe that the depression is over? You poor sheeple, it hasn't even started. GDP up 3.5%, HA! Cash for crappers and 8 grand homebuyers welfare payment might have a little to do with it. Latest week new unemployment claims 530,000. What about the commercial realstate bubble? how bout the millions of ARM mortgages that are due starting in a few monthes. All the fiat money that fubo is printing? Maybe you need that H1N1 flu shot, it does come with a fever. But you're probably right, the economy will save them. That and all of that next pay cut you'll be giving up.PS: Go back and read their 8k.

 

[Jay C]

No new $$, just a deferral, 25 more facilities closing and more layoffs, WHOOPIE!!!

Here's new money, A $550m in a bond deal.

YRC Worldwide Inc. (YRCW) posted a narrower third-quarter loss on fewer charges as the struggling trucking company unveiled plans for what it called "the final piece of the puzzle"--a $550 million debt-for-stock swap--to put it on firmer financial footing.

But Zollars called the swap the final hurdle in the company's effort to reconfigure its financial structure and shore up its balance sheet.

[size=+2] a $550 million debt-for-stock swap--to put it on firmer financial footing.[/size]If bondholders of YRC's USF 8-1/2% notes and contingent convertible notes agree to the exchange, as the company anticipates, YRC stands to gain access to additional liquidity under a newly amended credit facility, and it also gets to extend some existing lending agreements until late next year if certain benchmarks are met.

"We're very confident that we are going to be around for a long time as we execute the final step of this plan," Zollars said.

Chief Financial Officer Sheila Taylor offered "our sincere thanks to our lender group" during a post-earnings conference call with analysts Friday, saying the banks have taken "extraordinary steps" to support the company and singling out JPMorgan Chase & Co. (JPM) in particular.

Zollars described the debt-for-stock swap as "the final step" for YRC, but he stopped short of calling it essential to avoid bankruptcy. If the swap doesn't go forward under anticipated terms, he said YRC still could raise funds under a $200 million securities registration that it filed in May.

Still, both Zollars and Taylor said YRC has been in discussions with the bondholders and are confident in the exchange. YRC needs 95% of bondholders to agree to the exchange or it will have to negotiate additional terms.

Zollars said he expects YRC to have positive cash flow next year.

If the note exchange goes through as expected, YRC will be required to maintain $75 million to $125 million in available cash at all times. The company pegged its liquidity at $171 million at the end of the third quarter, down from $218 million at the end of June.

YRC also will be required under some of its covenants to hit certain targets for earnings before interest, taxes and amortization, although the targets wouldn't kick in until the second quarter of next year. deal..

UPDATE:YRC Worldwide 3Q Loss Narrows, Wins Extension On Facility - WSJ.com

 

[Box Lover]

That's the spirit TurboJ!

Focus on all the negative reports. You can do it!

You forgot to add that the Chinese are taking over the world, global warming is going to kill us all, Iran's going nuclear, the Ford Ranger hasn't been significantly changed in about twenty years . . . .

 

[wolf]

You just . . . don't . . . get it!

You act like the economy is still going down. It's looking like it already bottomed out and is now climbing back. The next two quarters should show less losses until about 2nd quarter 2010 when we should start looking a lot better with the uptick in freight that historically starts in those months. As the economy climbs back, so do we.


PS-TurboJ called and said that his bankruptcy date has been changed to Thanksgiving 2010!

Maybe you can take the time to explain why the economy improving makes it so much better for us. I believe there is still excess capacity in the industry. In my mind we still fight (discount) for freight. Most of the pundits say this will be a slow recovery so capacity, and therfore the discounts, will not disappear in the forseeable furture. The dept is not gonna be paid off just because we want it so. Is this cheep freight magicaly ganna start paying enough to make a 160 mill difference? And thats to get back to zero, then what, the bank and bond holders will be first in line, Teamsters swear the pension kicks back in, And someday I want my wages back. I really need someone to show me why things are so damn rosey just cuz we hav'nt yet filled for bankruptcy.