YRC Considers Refinancing Debt Amid Continuing Losses
After nearly filing for bankruptcy more than once in recent years and with financial losses that aren’t stopping, the parent of the trucking company, YRC Freight, along with others, is looking at restructuring its debt yet again
Photo: Evan Lockridge
After nearly filing for bankruptcy more than once in recent years and with financial losses that aren’t stopping, the parent of the trucking company, YRC Freight, along with others, is looking at restructuring its debt yet again.
YRC Worldwide has retained Credit Suisse and The Mavea Group to look at its refinancing and recapitalization options with debt maturities coming due in 2014 and 2015. This would be its second refinancing in two years while this week it reported its ninth loss out of the last 10 quarters.
Currently the less-than-truckload giant has nearly $1.3 billion in debt but only $219 million in cash and equivalents.
Earlier this week YRC Worldwide reported a loss for the second quarter of the year, though it was less that what it had the same time a year ago. Despite this the news sent company stock 18% lower on Wednesday.
YRC has filed a registration with the Securities and Exchange Commission to allow for the sale of $350 million in stocks and bonds to raise money, but there is no date for the sale.
More Fleet Management
How Innovative Trucking Leaders Turn Change Into an Advantage
As the pace of change accelerates in trucking, the fleets that adapt best have more than the latest technology. They have cultures that embrace improvement.
Read More →
Freight Broker Bonds Just Got Harder to Get. Here's What That Means for Your Fleet.
When it gets harder for a freight broker to prove they are financially sound, the ones who cannot clear that bar get pushed out of the market. And those are exactly the brokers who used to leave motor carriers holding the bag.
Read More →
Long-Awaited Canadian Border Bridge to Open in Detroit
For trucking, the bridge opening should offer immediate improvements in efficiency and reliability, with new customs facilities, expanded inspection capacity, and direct freeway-to-freeway connections.
Read More →
Aurora Rolls Out Next Generation of Driverless Trucks for Commercial Freight
Aurora's latest autonomous trucks it's rolling out with International feature lower-cost hardware designed for a million miles as the company expands commercial driverless freight operations across the U.S. Sun Belt.
Read More →
Freight Tonnage Down, Rates up, as Lower Capacity Powers Trucking Recovery
The recovery from the freight recession continues to be driven by reduction in capacity rather than by increased demand.
Read More →
Think Your Trucking Fleet Isn't Using Much AI? Think Again
Shadow AI — the use of unauthorized artificial intelligence tools at work — is becoming increasingly common, putting sensitive company data at risk. Learn how trucking fleets can protect sensitive data while embracing AI.
Read More →
ArcBest Consolidates Brands, Cuts Workforce
The company will bring three business units under the ArcBest brand, eliminate about 2% of positions, and expects the changes to generate $40 million in annual savings.
Read More →
Trucking Fleets Faced Record Operating Costs During Third Year of Freight Recession
ATRI's annual operational cost report shows carriers trimmed fleets, delayed equipment purchases, and ran older trucks as expenses continued to outpace freight rates.
Read More →
Michelin Adds AI Assistant to MyConnectedFleet Platform
Michelin’s new generative AI tool delivers instant fleet insights, helping managers analyze fuel use, tire maintenance, vehicle status, and operational performance without manually creating reports.
Read More →
LytxOne Platform Now Features AI, Compliance, and Asset Tracking Tools
New enhancements add AI-powered insights, asset tracking, compliance automation, and configurable privacy controls to Lytx's all-in-one fleet management platform.
Read More →