YRC in talks on loan amendment to revise leverage covenant

By Sara Rosenberg

New York, Dec. 24 - YRC Worldwide Inc. is in discussions with its credit facility lenders about an amendment that would change the leverage ratio and would provide liquidity required for its ongoing operations, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

As a result of the discussions, the company expects to remain in compliance with its covenants at year-end.

The company has targeted late January to conclude the amendment talks.

In order to remain in compliance with covenants, the company believes that, in addition to completing the amendment, it must implement further reductions in costs and complete the integration of the Yellow Transportation and Roadway networks.

JPMorgan is the administrative agent on the deal.

YRC is an Overland Park, Kan.-based transportation service provider.

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