What's new

Yellow | YRC Worldwide Extends Debt-for-Equity Offers to December 29

thejoe said:
BK-on the way-do you read?

over
Click to expand...

Is there something legally preventing them from selling anything to get that 26 million. The chinese company was bought for 45 million. Can they not sell it or any of the other companies? Is there legalities preventing it? How difficult is it to pay off 26 million when you just bought the largest trucking company in
china for 45 million a year and a half ago..unless you're legally not allowed to selll it or did the same thing with them...sold property to lease it back?
 
i say they are just waiting for the first of the year,then will pull the plug.. Sorry to say that but thats how I see it..
 
regular342 said:
Absolutely not. We will make what the bankrupcty judge says we will make and not a penny more. Contracts are voided under bankruptcy. And that is assuming the judge approves a Chapter 11 and doesn't force us to liquidate.
Click to expand...
If a judge says we'll make what he says,how long does that last and how does that work with us being teamsters?
 
NPT said:
Is there something legally preventing them from selling anything to get that 26 million. The chinese company was bought for 45 million. Can they not sell it or any of the other companies? Is there legalities preventing it?
Click to expand...

I don't know much about their deal with the Chinese outfit, but as for legalities, they cannot legally sell any secured assets. I assume the Chinese Co. isn't a secured asset, but bear in mind, they do have to have a buyer.

This is kind of like the age-old "why don't they sell the regionals" question. The answer to that is that nobody is buying.
 
regular342 said:
Absolutely not. We will make what the bankrupcty judge says we will make and not a penny more. Contracts are voided under bankruptcy. And that is assuming the judge approves a Chapter 11 and doesn't force us to liquidate.
Click to expand...

What I'd really like to here a judge say is " Mr. Zollars,you've been a greedy bastard....and now you're gonna sell New Penn, Reddaway, Holland and every other toy you bought that you couldn't afford and you will have until that money runs out before your liquidated!".....that would be justice for all of the companies that were bought by him except Roadway who's already been merged. At least maybe somebody'd buy us and we'd have a chance to buy back the terminals and all that he sold.
 
I think and I may be wrong (first time today) but YRCW does not OWN a Chinese company . What YRCW did is buy 50% of the outstanding stock in said company . The name of the company is JHJ International Transportation Co., Ltd.

Here's a link to an article about this venture Yellow's $45M deal puts plan for China into a higher gear - Kansas City Business Journal:
Yellow Roadway Corp. will spend $45 million to buy a 50 percent stake in a Chinese freight-forwarding business.

Overland Park-based Yellow said June 17 that it and Shanghai Jin Jiang International Industrial Investment Co. Ltd. would be equal partners in Shanghai-based freight-forwarding company JHJ International Transportation Co.

The joint venture is subject to approval by the government and is expected to close in the fall. It will include equal board membership from Jin Jiang and Yellow Roadway.

NPT said:
Is there something legally preventing them from selling anything to get that 26 million. The chinese company was bought for 45 million. Can they not sell it or any of the other companies? Is there legalities preventing it? How difficult is it to pay off 26 million when you just bought the largest trucking company in
china for 45 million a year and a half ago..unless you're legally not allowed to selll it or did the same thing with them...sold property to lease it back?
Click to expand...

Elwood said:
I don't know much about their deal with the Chinese outfit, but as for legalities, they cannot legally sell any secured assets. I assume the Chinese Co. isn't a secured asset, but bear in mind, they do have to have a buyer.

This is kind of like the age-old "why don't they sell the regionals" question. The answer to that is that nobody is buying.
Click to expand...
 
It all comes down to one thing however you wanna look at it, **** poor management got us where we are today, and until they get better management over this company nothing will help even if someone gave them 50 million dollars, they would still be broke cause they do not know how to manage money with the nuts they have running this company now.
 
nightowl said:
if they do file for bankruptcy do we go back to full rate? i seem to have read another post where someone was talking about this, but can't quite remember.
Click to expand...

This is true. The cuts were contingent on the bond deal but of course that would force a bankruptcy

regular342 said:
Absolutely not. We will make what the bankrupcty judge says we will make and not a penny more. Contracts are voided under bankruptcy. And that is assuming the judge approves a Chapter 11 and doesn't force us to liquidate.
Click to expand...

The cuts are already in place thanks to Hoffa. A judge may do something with the 5% Chicago got. I doubt a judge would reduce pay any more then what is already agreed on. The bankruptcy may be all about having all the bondholders agree on the swap
 
wages

The snap back provision would be out the window in a chapter 11.The courts dictate what we,and the creditors get paid.Like the previous post,I doubt they would change our wages,but highly doubt they would increase them either.
 
R-14Driver said:
I think and I may be wrong (first time today) but YRCW does not OWN a Chinese company . What YRCW did is buy 50% of the outstanding stock in said company . The name of the company is JHJ International Transportation Co., Ltd.

Here's a link to an article about this venture Yellow's $45M deal puts plan for China into a higher gear - Kansas City Business Journal:
Yellow Roadway Corp. will spend $45 million to buy a 50 percent stake in a Chinese freight-forwarding business.

Overland Park-based Yellow said June 17 that it and Shanghai Jin Jiang International Industrial Investment Co. Ltd. would be equal partners in Shanghai-based freight-forwarding company JHJ International Transportation Co.

The joint venture is subject to approval by the government and is expected to close in the fall. It will include equal board membership from Jin Jiang and Yellow Roadway.
Click to expand...
YRC Worldwide acquires Chinese trucking company - Boston.com

"OVERLAND PARK, Kan.—Trucking company YRC Worldwide Inc. said Tuesday it has completed its acquisition of one of the largest less-than-truckload carriers in China.

YRC, the largest less-than-truckload carrier in the U.S., said it paid $44.7 million for 65 percent of the stock of Shanghai Jiayu Logistics Co. It plans to buy the remaining 35 percent in 2010 for up to $39 million, depending on the company's performance over the next two years.

Jiayu has more than 30,000 customers, 1,800 employees and more than 3,000 vehicles. Less-than-truckload haulers combine several parcels in a single shipment."

So, if they own 65% of the stock which was valued at 44.7 million, Could they not sell that? I mean, they didn't take out a loan to buy stock did they? I figure, if ya bought stock, ya bought stock. Ya didn't buy them on a loan and the bank owns them....or do they take out loans for that and owe the banks for them? And the bank really owns them till paid off?
 
of course they took out a loan to pay for that goofball...they took out loans for everything they bought...group that company in this debacle..this will go down as the BIGGEST TRUCKING CLOSURE IN HISTORY...ALL DONE IN BY GREED....
 
imovaherenow said:
of course they took out a loan to pay for that goofball...they took out loans for everything they bought...group that company in this debacle..this will go down as the BIGGEST TRUCKING CLOSURE IN HISTORY...ALL DONE IN BY GREED....
Click to expand...
Well excuse me but I'm no businessman. But I figure if I wanted to buy say, $5,000 of stock and needed a loan for that...I'd need collateral. But I didn't know that there is some kind of "title" Or something for stocks that I would purchase with the loan...something that the banks would hold until paid off......are you sure this is how it's done?
How can people trade when they need to if banks hold something similar to "titles" on stocks? I don't think this makes sense and I think you're wrong on this. I think they'd be able to trade them should they need to...do people really let banks hold them til there paid off, if bought on loan? I think this would make for a lot of wierd trading. It's my suspicion that YRC holds the stocks. Any other opinions?
 
Im sure you read the article by now where zollers said he saw all this coming a long time ago (he’s so smart) apparently he never decided to plan ahead ????
 
You must log in or register to reply here.
Top