Amendment reduces or eliminates the obligation to repay certain amounts
YRC Worldwide Inc., the Overland Park, Kan.-based trucking company with Roadway operations in Akron, said Monday it amended its $500 million asset-backed credit facility.
The company said what is called a receivables-purchase agreement was changed to ''reduce the impact of certain negative effects'' from the integration of Yellow Transportation and Roadway.
The statement came from a filing with the U.S. Securities and Exchange Commission.
YRC Worldwide was created with the 2003 acquisition of Roadway in Akron by smaller competitor Yellow. The combined company changed its name from Yellow Roadway in 2006.
The amendment reduces or eliminates the obligation to repay certain outstanding amounts because of the combination, according to the filing. In addition, a $10 million fee that was originally due Sept. 30 was suspended, YRC said.
YRC integrated the national networks of Yellow Transportation and Roadway on March 1, the company said in a March 2 statement.
''There was a $10 million payment due on Sept. 30 if the company did not meet certain provisions,'' the company said in an e-mail, which said the asset-backed facility is $500 million.
Regarding speculation about job cutbacks, YRC issued this statement: ''The company continues to make workforce adjustments across the company in response to economic conditions affecting business volumes.
''The company is not providing updated employment numbers at this time, since workforce actions are still in process. YRC Worldwide is making workforce adjustments across the company in response to economic conditions affecting business volumes and to advance the company's movement to a functional organizational structure.
''A functional structure further strengthens the company's focus on critical customer-impacting areas, while streamlining decision-making and eliminating duplicate efforts and costs.''