YRC seeks to refinance loans and to retire 90% of series A, B notes

By Susanna Moon

Chicago, Dec. 9 - YRC Worldwide Inc. plans to refinance its credit agreement and ABL facility and to retire at least 90% of its outstanding series A and B notes "through a range of potentially deleveraging options," according to a company press release.

The refinancing is part of a ratification process by which the company is seeking to extend the current memorandum of understanding to March 31, 2019, to gain additional operating flexibilities and to move forward with its effort to refinance the company's balance sheet, YRC Worldwide chief executive officer James Welch said in the press release.

"This has been a long, two-year journey that started with shedding non-core assets, which led to an intense focus back on our core business - North American LTL," Welch said.

"Now, with improved results, renewed focus on our people and our processes, and support from our single largest partner, we are at the stage where we can finally address the bloated balance sheet that we inherited when we took over in July 2011."

YRC said there was "significant uncertainty" about its ability to continue as a going concern in a 10-Q report for the third quarter filed with the Securities and Exchange Commission on Nov. 12, as previously reported.

YRC is a trucking company based in Overland Park, Kan.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.