J
Jay C
Guest
When you lose 2BILLION dollars in less than 2 Years and have 1.5 Billion in debt, everything you use to own is collateral for the banks and can't pay the Pension for months before YRC and Holland voted Yes. It seems to me you don't have to be a analyst to see where this Titanic is heading.
Your also right Joe. As you can see by the credit agreement with JP MORGAN all they gave YRC was a 6 week extension and now the banks take half of any real estate sales to pay down the debt. So JP MORGAN took money away they didn't give additional funds to YRC. So the analyst decided NO MORE CREDIT. Don't throw good money after bad..
Fact # 1..On August 28, 2009, the Company and certain of its subsidiaries entered into Amendment No. 10 to the Credit Agreement the "Credit Agreement Amendment"), which amends the Credit Agreement, dated as of August 17, 2007 [(as amended prior to the date hereof, the "Credit Agreement"), among the Company, certain of its subsidiaries, JPMorgan Chase Bank, National Association, as agent (the "Administrative Agent"), and the other lenders that are parties thereto.
Fact # 2..The Credit Agreement continues to provide the Company with a $950 million senior revolving credit facility,[/QUOTE]
Fact # 3..The Credit Agreement Amendment suspends the requirement that the Company maintain liquidity equal to or greater than $100 million at all times until October 13, 2009. This gives them another $100m to work with
Fact # 4..The Credit Agreement Amendment also extends to October 12, 2009 the date through which the net cash proceeds received by the Company from certain real estate asset sales will be applied to prepay the outstanding revolving loans, and 50% of such prepayment amount will increase the revolver reserve amount.
Fact # 5..The Credit Agreement Amendment increases to $400 million the net cash proceeds the Company can receive from asset sales consummated during 2009 (other than certain specified asset sales, including the sale and leaseback transaction entered into in December 2008 between the Company and NATMI Truck Terminals, LLC).
Fact # 6.. [size=+2]as long as they make a certain payment on the loan by a specified date the terms are extended by another amendment [/size] this link is more credible then the David Ross Stifelstooge one.. [size=+2][/size] Summary of YRC WORLDWIDE INC - Yahoo! Finance