Transport Topics Online
The Newspaper of Trucking and Freight Transportation
Welcome  Guest  Log In         
4/30/2012 10:30:00 AM Write a Letter to the Editor Write a letter to the Editor

YRC Lenders Back Agreement Changes

YRC Worldwide said Monday it has amended its July 2011 agreement with lenders to set new financial performance targets over the next two years, including a lowered profitability requirement.

The revised agreement sets new targets for earnings before interest, taxes, depreciation and amortization, as well as new EBITDA ratios relative to both debt and interest.

The less-than-truckload carrier also said the revised agreement will allow it to use the proceeds from the planned sale of unused terminal real estate to pay workers’ compensation claims.

For example, the EBITDA target for the 12-month period ending June 30 was lowered to $145 million from $160 million, and the target for the 12-month period ending Sept. 30 was lowered to $155 million from $210 million.

Last month, YRC said it would be asking its lenders for relief in order to remain compliant with debt covenants.

YRC Worldwide is ranked No. 4 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.

By Transport Topics
Senior Reporter Rip Watson contributed to this story.

Follow Transport Topics on Subscribe to get up to the minute news briefs and more from our feeds. RSS Twitter Twitter Facebook Facebook

© 2012, Transport Topics Publishing Group. All rights reserved.


  RELATED ARTICLES

 
LATEST NEWS



 
LATEST JOBS
Follow Us

Newsletters

TTExpress
This free daily newsletter delivers the latest headlines.

TT Executive Suite
This subscriber-only newsletter program tailors your news.

Services

Advertising




© American Trucking Associations, Inc., All Rights Reserved TTNews.com Privacy Statement