YRC Gains New $400 Million Asset-Based Loan

YRC Worldwide said Monday it has obtained commitments for a three-year, $400 million asset-based loan that will replace its existing asset-backed securitization facility.

Commitments for the asset-based loan comply with the agreements reached in late April with key stakeholders providing support of YRC’s financial restructuring plan.

Replacing the loan facility “should improve the company’s liquidity,” said John Lamar, chief restructuring officer and lead director of YRC Worldwide.

Lamar said the less-than-truckload carrier remains on track to close the restructuring deal later this month.

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