New Penn | The Banks Don't Need New Penn's Yes Vote!

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..

l_1795243af6a04ddbace10d5676f7298c.gif
no no no, write your facts down next time so you don't forget them

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
 
"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..

OK joe since you said my Facts are wrong. Show me which ones please.(even posted it again so you can pick it out) Call Zollars or Wicks to get the OK but show me. The vote is over at NEW PENN(this must be your last push for those few ballots that will get mailed tomorrow and make it:clap:) Joe shouldn't you have been transferred to the Reddaway board and that problem at YRC in Chicago you should be looking at....
 
"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..

OK joe since you said my Facts are wrong. Show me which ones please.(even posted it again so you can pick it out) Call Zollars or Wicks to get the OK but show me. The vote is over at NEW PENN(this must be your last push for those few ballots that will get mailed tomorrow and make it:clap:) Joe shouldn't you have been transferred to the Reddaway board and that problem at YRC in Chicago you should be looking at....



you said "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"

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.
For 6 weeks YRC doesn't have to maintain the 100m minimum liquidity requirement until they make next payment

you said.."So JP MORGAN took money away they didn't give additional funds to YRC."

Fact 2..The Credit Agreement continues to provide the Company with a $950 million senior revolving credit facility
YRC didn't ask for additional funds. They borrowed $111m last year

you said "So the analyst decided NO MORE CREDIT."

Fact 6..as long as they make the required payment on the loan by a specified date the terms are extended by another amendment.. YRC will continue to get the $950m credit line and no min..requirements on the liquidity

Fact 7..I don't care how you vote
 
hey, the votes over, ok, you all can stop campaining, we will find out the results on wednesday.it's time to just get back and do your job the best you can. there will be no more votes for npme to get it right. what ever the vote comes out to will be our destiney.it's time to get back to a northeast supieour carrier status, and not just a yrcw interline partner. it's time to take anybody's freight that threathans us in the northeast. it's time for npme to get aggressive and kick *** again and quit the belly-acheing. theres a reason we still make money even today, let's crank it up and show, somebody why we are worth buying.
 
hey, the votes over, ok, you all can stop campaining, we will find out the results on wednesday.it's time to just get back and do your job the best you can. there will be no more votes for npme to get it right. what ever the vote comes out to will be our destiney.it's time to get back to a northeast supieour carrier status, and not just a yrcw interline partner. it's time to take anybody's freight that threathans us in the northeast. it's time for npme to get aggressive and kick *** again and quit the belly-acheing. theres a reason we still make money even today, let's crank it up and show, somebody why we are worth buying.

We all wish someone would Buy New Penn but the reality is it a real real longshot. I believe that the Vote will be Yes this time with all the pressure that was applied from the union and company. But I also believe that you are now going to be running with a totally disenfranchised staff from Management to Teamster. It will be interesting to see how much production New Penn will get from people who have given up almost $12hr in wages and benefits. You have to remember that over 700 Teamsters voted NO and pretty much feel that they are being SCREWED. To be honest I see alot of guys just waiting for something else to come along, they see them self as short timers. Pay and PENSION were the reasons people came here to work and NOW that has been taken away As for management, they don't care either. No ONE CARES. This is not the old New Penn and it will never be the old New Penn. Sorry YRC ripped the HEART out of this company and there is no RAH-RAH speech that will change it. But its just a opionon and they are like a***oles everyone has one. Even the Management who are on this board, but they are never right:loser::loser:
 
We all wish someone would Buy New Penn but the reality is it a real real longshot. I believe that the Vote will be Yes this time with all the pressure that was applied from the union and company. But I also believe that you are now going to be running with a totally disenfranchised staff from Management to Teamster. It will be interesting to see how much production New Penn will get from people who have given up almost $12hr in wages and benefits. You have to remember that over 700 Teamsters voted NO and pretty much feel that they are being SCREWED. To be honest I see alot of guys just waiting for something else to come along, they see them self as short timers. Pay and PENSION were the reasons people came here to work and NOW that has been taken away As for management, they don't care either. No ONE CARES. This is not the old New Penn and it will never be the old New Penn. Sorry YRC ripped the HEART out of this company and there is no RAH-RAH speech that will change it. But its just a opionon and they are like a***oles everyone has one. Even the Management who are on this board, but they are never right:loser::loser:

:thumbsup: :thumbsup: :thumbsup: Good post there Irishman 107 :shift: It will be interesting to see how the future unfolds as this is now a day to day job with no secure future :TR10driving03::TR10driving03:
 
No ,they won't change because it's a mans work ethic . I hope the vote passes for NP ,because this profitable company does 'nt deserve to be intergrated With YRC. There's a reason why they run a low OR. I've been with RDWY for 22 years and since our merge of terminals I 've never seen so many yrc men having so much trouble just working for their paycheck , NOT ALL ! they have some" ball busters" and I say this even before all the concessions but it 's easy to see how they've limped along. I'm their to earn a pension . I hope after 30 we can all collect , best of luck guys !
 
Top