Thursday, July 14, 2011

YRC Worldwide Sends 41 Drivers to the 2011 National Truck Driving Championships

YRC Worldwide Inc. announced today that 41 of its professional drivers will compete at the 2011 National Truck Driving Championships (NTDC) to be held Aug. 9 – 13 at the Orange County Convention Center in Orlando, Fla. The YRC Worldwide team includes 33 drivers from YRC, five from Holland and three from Reddaway.

"Reaching the NTDC is like making it to the Super Bowl," says Mike Smid, president-YRC and chief operations officer-YRC Worldwide. "We're very proud of these drivers and their dedication to safety. Their driving skills reflect well on our company and our industry."

To qualify for the national championships, drivers must place first in their respective class at state competition. The YRCW drivers will compete against nearly 400 others for national titles in eight different classes of vehicles and for the overall title of National Grand Champion.

Both the state and national competitions include challenging driving skills and maneuvering tests, a pre-trip inspection, and a written examination covering vehicle operation and federal safety regulations. To participate in the state competitions, drivers must be accident free for one year.

"This is a great group of drivers and we're pleased to have competitors in every class we entered," says Smid. "Fifteen of our 41 champions this year competed in the NTDC last year and one – Alphonso Lewis – is the 2007 National Grand Champion. All together, we're feeling very good about the experience on our team and the opportunity for them to mentor each other and really enjoy the competition."

Full list of participants.....

Monday, July 11, 2011

Teamsters, YRCW Approve Key Component in Restructuring Plan

Asset-Based Lending Facility Important Element in Maintaining Operational Liquidity

Teamsters General President Hoffa and The Teamsters National Freight Industry Negotiating Committee are pleased to announce further positive momentum in the restructuring plan to protect 25,000 Teamster freight jobs at YRC Worldwide, Inc.

TNFINC, along with lenders and YRCW, has approved final terms for an asset-based lending facility, which will provide part of the necessary ongoing operational liquidity for the company. The placement of this facility is a key component of the restructuring and pre-condition to closing the transaction. As a result of finalizing the terms of the facility, YRCW filed an amended Form S-1 with the SEC earlier today.

"The approval of this facility is another important step in the restructuring process which we are pleased to have completed. We now are nearing the finish line on this important transaction that will help save 25,000 Teamster jobs at YRCW," Hoffa said. "We are encouraged by the continued support of the company's existing lender group and advisors to help push towards closing the transaction and maintain the positive momentum that YRCW and its employees have worked for over the last 2 years."

The asset-based facilities, agreed to following extensive review of financing options by the International Brotherhood of Teamsters and its advisors, will provide maximum liquidity and flexibility for operations going forward, with a structure to help put the company in a much stronger financial and operational position.

As previously stated in the Teamsters' February 28 and April 29 press releases, the restructuring will help address key provisions of the Restructuring Plan/MOU by providing significant liquidity to YRCW, including $100 million of new capital and increased liquidity from the new asset-based lending facilities. Additionally, the restructuring will reduce company debt in the future to help pave the way for a healthier YRCW going forward.

Pending the union's continued review and support of negotiations and documentation, the transaction remains on track to close no later than July 22 as previously announced.

"Throughout the negotiation process, we have fought to protect our members' jobs and benefits," said Tyson Johnson, Director of the Teamsters National Freight Division and International Vice President. "General President Hoffa and I are heartened by YRCW's progress operationally and in the transaction. We will continue to work with our freight members to help push the restructuring to close."

YRC Worldwide Obtains Commitments for $400 Million Asset-Based Loan Facility

Significant milestone reached as company moves toward closing its financial restructuring plan

YRC Worldwide Inc. announced today it has obtained commitments for a three-year, $400 million asset-based loan (ABL) facility that will replace the company's existing asset-backed securitization (ABS) facility. Commitments for the ABL facility comply with the agreements reached April 29, 2011, with key stakeholders providing for their support of the company's financial restructuring plan.

"Replacing the ABS facility with this new facility should improve the company's liquidity," says John Lamar, chief restructuring officer and lead director of YRC Worldwide." That helps support our industry's seasonal pattern of revenues and provides the financial flexibility and run room we need to grow the business."

Lamar says YRC Worldwide remains on track to close the restructuring later this month.