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YRC Worldwide and Its Lenders Agree to Extend Provisions under the Credit Facilities

YRC Worldwide today announced that it has finalized amendments of its credit facilities again that extend to October 30, 2009 certain provisions under the previous amendments. Specifically, the amendments extend the expiration of the revolver reserve amount, the suspension of the minimum liquidity covenant, and the due date for the asset-backed securitization commitment fee of $10 million. YRC and its lenders are still working on a long-term solution.
 
New Date in link..
YRC Worldwide plans to release third quarter 2009 earnings before market open on Friday, October 30, 2009.
 
YRC is going to go broke just paying all of those penalties and fees. The banks love it when they come in and say can we shuffle the deck i mean debt again? there doin so goooood!
 
Hang'in by a thread

Sounds to me like they do not have any money. $Bill cannot even come up with the 10 million to pay for the extension. You know that is going to **** them off worse than a Driver gettting shorted on his check. The Extension rope seems like it is getting shorter and shorter. The new deadline is the same day the earnings will be reported. I hope that is enough time for $Bill to cook them #'s up real good.
 
ninetyeight said:
Sounds to me like they do not have any money.
$Bill cannot even come up with the 10 million to pay for the extension. You know that is going to **** them off worse than a Driver gettting shorted on his check.
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The Extension rope seems like it is getting shorter and shorter.
The new deadline is the same day the earnings will be reported. I hope that is enough time for $Bill to cook them #'s up real good.[/[/QUOTE)
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They had the 10m..but even tho the credit rating wasn't what it was supposed to be they didn't have to pay it. Things are lookin better every month and they got over a year for the economy to give them a boost. You don't have to stay up at nite worring about it any more..go to :Zzzz:
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hey joe if they had the ten million why did'nt they pay on the 29th when it was due ? Why did they extend it til the 13th,and now til the 30th.
 
ringo1 said:
hey joe if they had the ten million why did'nt they pay on the 29th when it was due ? Why did they extend it til the 13th,and now til the 30th.
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Don't know much about history or corporate debt but if they had to pay the 10m and didn't have it the banks wouldn't extend the loan another month. They would shut the credit off and the game would be over. YRC must have very decent liquidity say around 200 million on hand for the banks to forgo the 100 million minimum liquidity and waived the 10m fee. The books must be lookin pretty good..one month at a time. That's my guess
 
thejoe said:
Don't know much about history or corporate debt but if they had to pay the 10m and didn't have it the banks wouldn't extend the loan another month. They would shut the credit off and the game would be over. YRC must have very decent liquidity say around 200 million on hand for the banks to forgo the 100 million minimum liquidity and waived the 10m fee. The books must be lookin pretty good..one month at a time. That's my guess
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And my guess is that this pos company will have more amendments then dollars owed on the national debt. My mistake, this pos will be closed by Thanksgiving! Don't even have 10 million bucks even after all the givebacks! What a mother freakin joke! Good riddance pos yrc. Don't even bury it, just let the hulking carcass rot in the open for all the other carriers to see.
 
TurboJ said:
And my guess is that this pos company will have more amendments then dollars owed on the national debt. My mistake, this pos will be closed by Thanksgiving!
Don't even have 10 million bucks
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even after all the givebacks! What a mother freakin joke! Good riddance pos yrc. Don't even bury it, just let the hulking carcass rot in the open for all the other carriers to see.
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I knew you wouldn't get. The 10m was a fee they would have to pay if a certain credit rating was not met. Ok the credit rating was not met but at the same time they were not in default and as of June I think they had over 200 million in liquidity. The fee was waived. It's not that YRC didn't have it. If they can't meet there obligations they are done. They're doin it and have a ton of cash on hand. It looks like they are being audited by JP every month and so far they are waving some requirements
 
TurboJ said:
And my guess is that this pos company will have more amendments then dollars owed on the national debt. My mistake, this pos will be closed by Thanksgiving! Don't even have 10 million bucks even after all the givebacks! What a mother freakin joke! Good riddance pos yrc. Don't even bury it, just let the hulking carcass rot in the open for all the other carriers to see.
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Waaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
Honestly, is there a bigger piece of ::shit:: cry baby on this board than you?
 
To the Joe:
You're exhausting, your right you don't know anything of history and even less about corp. debt. YRC is in a death spiral. If they had 10mil they would make the payment. If they had a 100mil in liquidity they wouldn't keep getting more amendments, now on #11.
They are going to lose somewhere north of 150mil in the 3rd qtr., this after wage concessions, lose of pension and sales of property. YRC sooner rather than later will be shut down by;
1. Insurance company
2. Bondholders
3. Banks
You are obviously loyal to YRC, but you need to look at this corp. objectively and face reality. YRC doesn't deserve your loyality. Maybe you should buy a dog.
 
forvette said:
To the Joe:
You're exhausting, your right you don't know anything of history and even less about corp. debt. YRC is in a death spiral. If they had 10mil they would make the payment. If they had a 100mil in liquidity they wouldn't keep getting more amendments, now on #11.
They are going to lose somewhere north of 150mil in the 3rd qtr., this after wage concessions, lose of pension and sales of property. YRC sooner rather than later will be shut down by;
1. Insurance company
2. Bondholders
3. Banks
You are obviously loyal to YRC, but you need to look at this corp. objectively and face reality. YRC doesn't deserve your loyality. Maybe you should buy a dog.
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Forvette, you are stuck in April '09. That shut down nonsense is old now. YRCW will make it through 2010. Guys like yourself are the ones who need to face reality.

The reality is that YRCW's fortunes are tied to the economy. As the economy slowly climbs back, so will we. The banks know that we will be a money making machine when the economy comes back, and they will get their money back and then some. We ain't going anywhere.

2010 is going to rock! :rockon::beerchug::d6625240::dance:
 
forvette said:
To the Joe:
You're exhausting, your right you don't know anything of history and even less about corp. debt. YRC is in a death spiral.
If they had 10mil they would make the payment.
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If they had a 100mil in liquidity they wouldn't keep getting more amendments, now on #11.
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You, then know more then JP Morgan, you think they don't have 10m on hand to make a payment or at least 100m in liquidity?. All they got is nickels and dimes to play with right? Just so you know..the 10m was a fee that was waived..not a must payment. Jp is one of the largest banks in the world. An investment bank that survived the crash.. They are letting YRC run and waived the 10m fee [size=+2] only because they have the liquidity which was $218 million at the end of June, [/size]
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Hey Joe very nice reply. I really thought they (YRC) were going in the tank. But as I have stated before, we don't have the hard numbers in front of us. Only what we see and hear. If these banks keep extending there loans to YRC then they must be seeing something we do not.

Keep it up.:shift::shift:
 
I've been lurking here for some time. Many times I've felt compelled to post when I've seen blatantly false information but I've always resisted the urge. Sorry, I can't resist anymore.

thejoe said:
the 10m was a fee that was waived..not a must payment... They are letting YRC run and waived the 10m fee [size=+2] only because they have the liquidity which was $218 million at the end of June, [/size]
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First, the 10M was NOT waived; only postponed until the 30th. That's not to say it won't get postponed again, but if you know anything about banks, you know that they don't leave any money on the table.

Secondly, it's apparent that as of today, YRC does not have $100M on hand. If they did they wouldn't need another amendment. Instead of the amendment PR you'd have a PR patting themselves on the back saying "see, we have the money, things are changing."

The most conservative Wall St. estimates peg YRC for having a 3Q loss of $100.3M. At the end of June they had $218M in liquidity of which $165M was CASH. So by now they should have roughly $65M plus whatever money they've received from asset sales. My gut feeling is they may be receiving some more real estate money between now and the end of the month that'll shore up that account some.

It's also apparent that the banks want YRC to survive - they're worth more as an operating entity than in liquidation. Look for the banks to continue to cut YRC slack so long as they keep getting paid. But when every last piece of dirt is sold and there's nothing left to mortgage, that will be the end - nobody will lend them another dime. YRC has to stem its operating losses now otherwise they'll never see spring - no matter how much Joe cheerleads and speaks of rainbows and unicorns.
 
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