Yellow | SEC filing from today

metalmikex

TB Regular
Credits
0
Looks like they will be asking for more time and to extend the deferral arrangements a little longer.
Oh, Let's not forget Bill Z. said a few months ago that customers were returning in droves......LOL
This was on the end of page 7 and the beginning of page 8

http://www.dailyfinance.com/company/yrc-worldwide-inc/yrcw/nas/REGST/10778464/html/sec-filings

We do not believe we will be able to meet our liquidity requirements if our current deferral arrangements are not extended beyond their current respective expiration dates.

As of March 31, 2010, we have deferred an aggregate of approximately $155 million of pension plan contributions under the contribution deferral agreement with multi-employer pension funds and approximately $54 million of interest and fees under our existing senior credit agreement and asset backed securitization facility. The deferred pension plan contributions were originally required to be paid to the pension funds in one payment of approximately $3.6 million in June 2009 and thirty-six equal monthly installments beginning in January 2010; however, commencing in December 2009 amortization and interest payments to the pension funds were deferred. These deferral arrangements are all temporary in nature. Deferred fees and interest under the asset backed securitization facility currently will become due no later than October 26, 2010 unless we can reach agreement to refinance the facility or to further defer the fees and interest. The deferral arrangements under the contribution deferral agreement and our senior credit agreement with respect to amortization payments, interest payments and fees, as applicable, currently will terminate at the end of 2010, unless, in the case of the contribution deferral agreement, we obtain approval of an extension from multi-employer pension funds that would receive at least 90% of the deferred payments and, in the case of the senior credit agreement, we obtain approval of an extension from 66 2/3% of the lenders. If we obtain such approval, the deferred amortization and interest under the contribution deferral agreement and the deferred interest and fees under the senior credit agreement will become due and payable no later than December 31, 2011. In addition, if the fee and interest deferrals under the senior credit agreement do not continue in 2011, the Teamsters have the right to terminate the Amended and Restated Memorandum of Understanding on the Job Security Plan dated July 9, 2009, which, among other things, would eliminate the 15% wage reduction in place since August 2009 through March 2013 for employees of bargaining units that have ratified that plan. We cannot assure you that we will be able to refinance the asset backed securitization facility or further defer amortization payments, interest payments and fees. If we are not successful in extending the respective expiration dates, we do not believe that we will have sufficient liquidity to make any of these payments and continue to operate our business in the ordinary course. In this event, we would need to engage in additional out-of-court restructuring transactions or an in-court restructuring.
 
$ Bill has no reason to lie to anyone. Keep the faith, hard work, and leadership going. Voting Yes may have not been the correct answer, but it nice to see that there are people who are willing to give someone a chance. It is the managements job to Forecast/make predictions on future events. Bill needs everyone to be patient and ready when the freight does come to YRC in groves. YRC had a big deal going on in the country of China on 04/12/10. Relax driver, everything will be just fine. Do some strengthening by working on some of your weaknesses, by trusting me. :dance:
 
[quote author=Italian Style link=topic=79681.msg825627#msg825627 date=1272568673]
$ Bill has no reason to lie to anyone. Keep the faith, hard work, and leadership going. Voting Yes may have not been the correct answer, but it nice to see that there are people who are willing to give someone a chance. It is the managements job to Forecast/make predictions on future events. Bill needs everyone to be patient and ready when the freight does come to YRC in groves. YRC had a big deal going on in the country of China on 04/12/10. Relax driver, everything will be just fine. Do some strengthening by working on some of your weaknesses, by trusting me. :dance:
[/quote]

To whom ever stole the Noodles :smug: sign on please return it as soon as possible ! This post almost makes sense so I know someone else is using his sign on name !! Please return it to its proper owner . :nono:
 
[quote author=CASHCOW link=topic=79681.msg825641#msg825641 date=1272572084]
This is just reg. the NEW investment of 7o million, all the C Y A stuff nothing new.
[/quote]

Sorry I beg to differ....... In the other filings there was no mention of extending the deferrals beyond the original due dates...........
 
[quote author=metalmikex link=topic=79681.msg825656#msg825656 date=1272575560]
[quote author=CASHCOW link=topic=79681.msg825641#msg825641 date=1272572084]
This is just reg. the NEW investment of 7o million, all the C Y A stuff nothing new.
[/quote]

Sorry I beg to differ....... In the other filings there was no mention of extending the deferrals beyond the original due dates...........
[/quote]

Because this is a PROSPECTUS that they file at different times .
ABOUT THIS PROSPECTUS

This prospectus is part of a Registration Statement on Form S-3 that we filed with the Securities and Exchange Commission (the “SEC”) utilizing a “shelf” registration process. Under this shelf registration process, the selling securityholders may sell, from time to time, the notes, as well as any shares of common stock issuable upon conversion of the notes.

You should rely only on the information incorporated by reference or provided in this prospectus. Neither we nor the selling securityholders have authorized anyone else to provide you with different or additional information. If anyone provides you with different or additional information, you should not rely on it. This prospectus does not constitute an offer to sell, nor a solicitation of an offer to buy, any of the securities offered in this prospectus by any person in any jurisdiction in which it is unlawful for such person to make such an offering or solicitation. Neither the delivery of this prospectus nor any sale made under this prospectus of the securities described herein shall under any circumstances imply, and you should not assume, that the information provided by this prospectus or any document incorporated by reference is accurate as of any date other than the date on the front cover of the applicable document, regardless of the time of delivery of this prospectus or of any sale of our securities. Our business, financial condition, results of operations and prospects may have changed since those dates.

This prospectus contains summaries of certain provisions contained in some of the documents described herein, but reference is made to the actual documents for complete information. All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred to herein have been filed, will be filed or will be incorporated by reference as exhibits to the registration statement of which this prospectus is a part, and you may obtain copies of those documents as described below under the heading “Where You Can Find More Information.” ...............

http://investors.yrcw.com/secfiling.cfm?filingID=1193125-10-97190
 
[quote author=R-14Driver link=topic=79681.msg825658#msg825658 date=1272576047]
[quote author=metalmikex link=topic=79681.msg825656#msg825656 date=1272575560]
[quote author=CASHCOW link=topic=79681.msg825641#msg825641 date=1272572084]
This is just reg. the NEW investment of 7o million, all the C Y A stuff nothing new.
[/quote]

Sorry I beg to differ....... In the other filings there was no mention of extending the deferrals beyond the original due dates...........
[/quote]

Because this is a PROSPECTUS that they file at different times .
ABOUT THIS PROSPECTUS

This prospectus is part of a Registration Statement on Form S-3 that we filed with the Securities and Exchange Commission (the “SEC”) utilizing a “shelf” registration process. Under this shelf registration process, the selling securityholders may sell, from time to time, the notes, as well as any shares of common stock issuable upon conversion of the notes.

You should rely only on the information incorporated by reference or provided in this prospectus. Neither we nor the selling securityholders have authorized anyone else to provide you with different or additional information. If anyone provides you with different or additional information, you should not rely on it. This prospectus does not constitute an offer to sell, nor a solicitation of an offer to buy, any of the securities offered in this prospectus by any person in any jurisdiction in which it is unlawful for such person to make such an offering or solicitation. Neither the delivery of this prospectus nor any sale made under this prospectus of the securities described herein shall under any circumstances imply, and you should not assume, that the information provided by this prospectus or any document incorporated by reference is accurate as of any date other than the date on the front cover of the applicable document, regardless of the time of delivery of this prospectus or of any sale of our securities. Our business, financial condition, results of operations and prospects may have changed since those dates.

This prospectus contains summaries of certain provisions contained in some of the documents described herein, but reference is made to the actual documents for complete information. All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred to herein have been filed, will be filed or will be incorporated by reference as exhibits to the registration statement of which this prospectus is a part, and you may obtain copies of those documents as described below under the heading “Where You Can Find More Information.” ...............

http://investors.yrcw.com/secfiling.cfm?filingID=1193125-10-97190

[/quote]

Thank You R-14
 
Well....if they ask for deferments on the Pension in 2011, it too will have to be voted on.....if it does pass... you will see ABF asking for deferments on Pensions also....after all the crap that has been going on since "YRC 911" happened on 3/1/09...I think the employees will say screw it....enough is enough...time will tell.....KK
 
Based on expected levels of employment in 2011, we estimate that we will contribute approximately $25-30 million per month to multi-employer pension funds in 2011.

this sentence was included with all the bad stuff
 
These deferral arrangements are all temporary in nature. Deferred fees and interest under the asset backed securitization facility currently will become due no later than October 26, 2010 unless we can reach agreement to refinance the facility or to further defer the fees and interest.
Yep, temporary just like $Bill and his meat in your man locker.

Anybody that thinks YRC will resume pension payments on 1/1/11, there's no hope for ya!
 
[quote author=Kennesaw Kid link=topic=79681.msg825698#msg825698 date=1272585624]
Well....if they ask for deferments on the Pension in 2011, it too will have to be voted on.....if it does pass... you will see ABF asking for deferments on Pensions also....after all the crap that has been going on since "YRC 911" happened on 3/1/09...I think the employees will say screw it....enough is enough...time will tell.....KK
[/quote]

Something needs to be worked out before it comes to a vote so at a minimum they pay something (even if it is just .50 per hr) into the pension so we get our pension credit.If YRCW defers it again,I doubt they will ever pay.Its time for the Union to get a backbone because they sure aren't doing us any favors with the doormat approach they take when negotiating.
 
[quote author=rockford files link=topic=79681.msg825735#msg825735 date=1272592653]
These deferral arrangements are all temporary in nature. Deferred fees and interest under the asset backed securitization facility currently will become due no later than October 26, 2010 unless we can reach agreement to refinance the facility or to further defer the fees and interest.
Yep, temporary just like $Bill and his meat in your man locker.

Anybody that thinks YRC will resume pension payments on 1/1/11, there's no hope for ya!
[/quote]Your right. There may never be any hope, but there are always some things that are always subjected with change. Especially, after seeing something like this. :biglaugh:

http://www.fedexdriversarentpilots.com/
 
[quote author=Joey809 link=topic=79681.msg825746#msg825746 date=1272594159]
table is set boys... NO INTENTION WHATSOVER to pay into our pension fund EVER!!!
[/quote]

I think you're right,its not about the amount but rather never touching the pension again.The Union needs to play hardball for once.
 
[quote author=cessnakat link=topic=79681.msg825753#msg825753 date=1272597020]
[quote author=Joey809 link=topic=79681.msg825746#msg825746 date=1272594159]
table is set boys... NO INTENTION WHATSOVER to pay into our pension fund EVER!!!
[/quote]

I think you're right,its not about the amount but rather never touching the pension again.The Union needs to play hardball for once.
[/quote]
The days of YRC paying into the pension fund are over. They saw how easy it was to suspend the payments to the pension fund and have the IBT go along with anything YRC wanted,why would they ever pay into the fund again. Look for another vote before too long to continue suspension of pension payments,and if the vote is no,look for the IBT to have as many votes as it takes to get what YRC wants. There is no backbone left in the IBT. The union hasn`t played hardball for so long they forgot how. This isn`t the same union it was 30 years ago so don`t expect much from them.
 
[quote author=carolinajohn link=topic=79681.msg825757#msg825757 date=1272598282]
[quote author=cessnakat link=topic=79681.msg825753#msg825753 date=1272597020]
[quote author=Joey809 link=topic=79681.msg825746#msg825746 date=1272594159]
table is set boys... NO INTENTION WHATSOVER to pay into our pension fund EVER!!!
[/quote]

I think you're right,its not about the amount but rather never touching the pension again.The Union needs to play hardball for once.
[/quote]
The days of YRC paying into the pension fund are over. They saw how easy it was to suspend the payments to the pension fund and have the IBT go along with anything YRC wanted,why would they ever pay into the fund again. Look for another vote before too long to continue suspension of pension payments,and if the vote is no,look for the IBT to have as many votes as it takes to get what YRC wants. There is no backbone left in the IBT. The union hasn`t played hardball for so long they forgot how. This isn`t the same union it was 30 years ago so don`t expect much from them.
[/quote]

If they don't start paying into the pension in jan. its time to move on since that's the only thing that makes it worth going thru this crap.
 
YRC may contribute to a pension plan in the future if they make it,but it won`t be into a defined benefit plan like they have in the past.It will be a 401K plan,possibly a matching 401K where the company will not have to be responsible for making up for shortfalls in funding. Very few companies are paying into defined benefit plans today.They want the employees to take responsibility for managing their own retirement funds. Government workers are among the few employees that are still enjoying these defined benefit plans and according to the newspapers and TV news reports,many of the states and counties that pay defined retirements benefits are having financial problems. I hope those within the teamster defined benefit plans now can collect what has been promised to them. It`s probably going to take some help from the gov`t (a gov`t I have very little faith in) to guarantee these pensions to the people that have earned them. Anyway,this is only my opinion.I know there are more knowledegable teamsters out there who will disagree with me.
 
What if YRC contributes to half of the amount of going into the pension for a short period of time? I think everyone would vote Yes on that too.
 
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