Yellow | YRC Worldwide renews borrowing source

[R-14Driver]

The Overland Park-based trucking firm renewed its asset-backed securitization facility that allows it to borrow money based on business payments owed to the company.

Its agreement with lenders provides a borrowing capacity of $325 million compared with the $195 million YRC had used as of the end of September. Lenders extend credit to the company based on its accounts receivables.

The maturity date on the borrowings is Oct. 19, 2011, subject to its employees’ ratification and continued effectiveness of the previously announced labor agreement..................

YRC Worldwide renews borrowing source | Dollars & Sense

 

[billyzollars]

Great! Thats what they need ,more debt.

 

[hlyoungjr]

Great! Thats what they need ,more debt.

It isn't new debt, is roll-over of the existing debt. No change, just different 'due date', subject to the results of the vote.

 

[turboj]

It isn't new debt, is roll-over of the existing debt. No change, just different 'due date', subject to the results of the vote.

Maybe not new debt but more interest. What are they up to, 30% apr.