Saturday, October 17, 2009

Donald N. Reynolds Set to Retire After 39 Years With ABF

Donald N. Reynolds, vice president of national sales for ABF Freight System, Inc., will retire November 30, 2009, after 39 years of service with the company. Mr. Reynolds has served in his current position for the past 20 years.

"Don's consummate professionalism and warm and charismatic demeanor are well known throughout the industry," said ABF Senior Vice President of Sales and Marketing Roy Slagle. "He has been a valuable asset to the company for many years. We congratulate Don on a great career and wish him and his wife Becky the very best in the years ahead."

Mr. Reynolds joined ABF as a management trainee in 1970. Upon completion of training, he became an operations supervisor in Chicago, Ill. Mr. Reynolds was promoted to sales representative in Atlanta, Ga., in 1972, branch manager in Oklahoma City, Okla., in 1976 and director of national accounts in 1979. In 1981, he was promoted to regional vice president of sales based in Dayton, Ohio where he served until he was promoted to his current position in 1989.

Kirk R. May, who has 19 years' experience with ABF, will assume the position vacated by Mr. Reynolds. Previously, Mr. May served as regional vice president of sales in Salt Lake City, Utah.

Tuesday, October 13, 2009

Another Leash on Life for YRC Worldwide


A consortium of lenders has given YRC Worldwide, the nation's largest trucking company, two more weeks before a provision that requires the Overland Park, Kan.-based LTL carrier to maintain $100 million in liquidity. The company says it has been given until Oct. 30 before the amendment, the company's 11th such change, takes effect.


If you ever had doubt that the banks much prefer YRC Worldwide to be alive than dead, this latest saga could convince you. Full Story........

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.

Sunday, October 11, 2009

Sharks circle as YRC struggles to stay afloat

Rivals slash rates in effort to lure customers away from beleaguered LTL carrier.

As YRC Worldwide Inc. struggles with ongoing financial problems, its competitors are turning up the pressure. For months, the LTL carrier's rivals have engaged in aggressive pricing efforts in a bid to undercut YRC's market leadership (the carrier has a 15-percent share of the fragmented LTL market) and grab some or all of its business. The effectiveness of these efforts has fueled ongoing concerns about YRC's survival.

The latest challenger is FedEx Freight, according to analysts at JPMorgan Chase attending the American Trucking Associations' annual conference in Las Vegas. In a research note, analyst Thomas R. Wadewitz said FedEx Freight seems to have made a "push to gain market share" against YRC and other carriers over the past month. "The effort to attract tonnage through price cuts appears to be relatively broad and aggressive," Wadewitz wrote, adding that the program is "likely to contribute to further pressure on LTL market pricing and also to result in further pressure" on YRC. A YRC spokesman was unavailable for comment. Full Story..........