Traffic World OnLine - Trucking
YRC Sells, Leases from Estes
2/23/2009
John Gallagher
Associate Editor
YRC Worldwide sold to and leased back from Estes Express Lines a package of LTL terminals for $122 million in a deal that will provide a much needed boost to YRC's cash reserves.
"We are pleased that we finalized another significant component of our liquidity initiatives," said YRC Chief Financial Officer Tim Wicks.
The deal, which includes terminals operated by YRC regional subsidiaries USF Reddaway and USF Holland, will allow Richmond, Va.-based Estes to grow its investment network of real estate properties, the company said.
"We have worked with YRC over the years on many real estate transactions that have included the buying, selling and leasing of properties, which is common practice in the LTL industry," said Estes' Director of Real Estate and Economic Development Angela Maidment. "This is a continuation of that mutually beneficial relationship, and now is a great time for us to make this kind of long-term investment."
The property sales, expected to close between March and June 2009.
YRC Sells, Leases from Estes
2/23/2009
John Gallagher
Associate Editor
YRC Worldwide sold to and leased back from Estes Express Lines a package of LTL terminals for $122 million in a deal that will provide a much needed boost to YRC's cash reserves.
"We are pleased that we finalized another significant component of our liquidity initiatives," said YRC Chief Financial Officer Tim Wicks.
The deal, which includes terminals operated by YRC regional subsidiaries USF Reddaway and USF Holland, will allow Richmond, Va.-based Estes to grow its investment network of real estate properties, the company said.
"We have worked with YRC over the years on many real estate transactions that have included the buying, selling and leasing of properties, which is common practice in the LTL industry," said Estes' Director of Real Estate and Economic Development Angela Maidment. "This is a continuation of that mutually beneficial relationship, and now is a great time for us to make this kind of long-term investment."
The property sales, expected to close between March and June 2009.