Teamsters Extend Timeline for Recapitalization of YRCW Balance Sheet
Multi-Employer Pension Funds Extend CDA Deferral through May 2011
YRC Worldwide Inc. today announced the Teamster negotiating committee for the International Brotherhood of Teamsters has agreed to provide additional time for the company and its key stakeholders to finalize plans to recapitalize the company's balance sheet. The extension of time provided by the Teamsters is consistent with the extensions in the previously announced amendments to the company's credit agreement and asset-backed securitization facility, which are now effective.
Also consistent with the credit facility amendments, a supermajority of the multi-employer pension funds who are party to the company's contribution deferral agreement have agreed to an extension of the deferral of interest and principal payments under that agreement through May 2011. Further details regarding the extensions, including the conditions to their continued effectiveness, can be found in the current report Form 8-K to be filed on Monday, January 3, 2011, with the Securities and Exchange Commission.