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ShareOVERLAND PARK, Kan. -- YRC Worldwide, one of the world's largest LTL carriers, has been given yet another lifeline by lenders.
YRC Worldwide Inc.’s lenders have given the trucking giant three weeks before a provision kicks back in, requiring that it maintains $100 million in liquidity.
The company said this week that its lenders had extended a deadline until Oct. 30., requiring the company to have $100 million in liquidity at all times.
The previous deadline, (also an extension), was on Tuesday.
According to Reuters, this is YRC's 11th bank amendment. The extensions are meant to help the debt-loaded carrier avoid bankruptcy while it works out a long-term solution with lenders and bondholders.
According to business analysts, the extensions are a clear sign that YRC's lenders place more value on the trucking giant as an operating entity at a time when the economy is expected to rebound in the next 12 months.
Liquidating YRC would dump some 30,000 pieces of equipment in an already overly saturated used truck market, causing pre-owned truck values to fall further.
The company is currently under intense pricing pressure by competitors like Con-way and UPS.
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