Friday, April 20, 2012

YRC appeals to lenders for leniency

YRC Worldwide Inc. is pursuing leniency from its lenders, a move that comes after warnings that its recovery wasn’t advancing fast enough to meet minimum requirements.

The Overland Park-based trucking company explained its request in a Friday filing with the Securities and Exchange Commission.

Specifically, it wants to reset covenants from a July 2011 credit agreement that govern minimum consolidated earnings before interest, taxes, depreciation and amortization; maximum total leverage ratio; and minimum interest coverage ratio.

Bankers set the requirements as part of YRC’s restructured financing, which the company pursued after the recession and heavy debt pushed it onto hard financial times, at one point near bankruptcy.  Full Story.........

UPS to Release 1st Quarter Results on Thursday, April 26, 2012

UPS will announce its first quarter results on Thursday, April 26, 2012, at approximately 7:45 a.m. Eastern Daylight Time.

At 8:30 a.m. EDT, UPS Chairman and CEO Scott Davis and Chief Financial Officer Kurt Kuehn will conduct an investor conference call. This call will be open to reporters and the public, on a listen-only basis, via a live Webcast.

To listen to the live Webcast: Go to

The Webcast audio then will remain accessible on the Investor Relations Website for a limited time.

YRC Worldwide Seeks to Reset Loan Covenants Under 2011 Agreement

YRC Worldwide Inc., the second- biggest publicly traded U.S. trucking company, is seeking to change the terms of its covenants under a credit agreement signed in July.

The company is proposing to reduce compliance thresholds for consolidated earnings before interest, taxes, depreciation and amortization by between 25 percent and 35 percent and for the interest-coverage ratio by between 30 percent and 40 percent, according to a regulatory filing.

The Overland Park, Kansas-based trucker, is also seeking to increase its total leverage multiple, or the ratio of debt to Ebitda, by between 35 percent and 55 percent, YRC said in today’s filing.  Full Story..........

YRC Worldwide asks creditors for more wiggle room

Kansas-based YRC Worldwide Inc., the trucking conglomerate with a significant midstate presence, has asked its lenders to amend credit agreements to give the company more wiggle room to meet financial requirements.

YRC is seeking amendments to the credit deals that would reduce compliance thresholds on three key metrics, saying that since October it has exceeded its forecasts and continues to make progress in the company's financial turnaround, according to a filing today with the U.S. Securities and Exchange Commission.

The reduced requirement requests include:

Reducing the threshold for consolidated earnings before interest, taxes, depreciation and amortization, or EBITDA, by between 25 and 35 percent.

Reducing the interest coverage ratio threshold by between 30 and 40 percent.

Cutting total leverage ratio requirements by between 35 and 55 percent.