Monday, October 12, 2009

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

YRC Worldwide Inc. today announced that it has finalized amendments of its credit facilities 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.

"We believe we will have a long-term solution with our lenders in the very near term," stated Bill Zollars, Chairman, President and CEO of YRC Worldwide. "By extending the revolver reserve, we retain the flexibility needed to reach an agreement with the lenders that will fully support our comprehensive plan. We are also continuing active dialogue with our bondholders who remain an important part of our plan," continued Zollars.

YRC Worldwide plans to release third quarter 2009 earnings before market open on Friday, October 30, 2009.

1 comment:

Anonymous said...

Will this be the day YRC files for bankruptcy or will they pull through?

We wait with anticipation.