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YRC Worldwide Inc. Message Board

  • ggphuge ggphuge Jan 4, 2011 10:30 PM Flag

    Why did all these creditors extend additional credit to YRCW?

    Here is what I don't understand! In October 2010, the ABS creditors all agreed to continue to allow an ABS loan capability to YRCW for $325 Million of which $194 million has not even been drawn against and the extension is until October 2011! Second in August 2010 a $70 million bond was negotiated with investors to allow the company to refinance 2 seperate bond tranches which is due in 2014! Third the MEP agrees to extensions to their monies until June 2011! Now the market cap of the company is currently $167 million! Fourth, they have an established Letter of Credit for $550 million from a Large Bank which has NOT been withdrawn from that institution! I would of thought with all these financiers research departments and credit departments and fancy suit executives someone would of pulled their credit with YRCW or not support the financing! These are all big money players, not local banks!

    MY QUESTION IS, WHAT THE H E L L DID ALL THESE BIG TIME FINANCIERS SEE IN THIS COMPANIES TURNAROUND PLAN THAT A FEW INDIVIDUALS SITTING ON AN OFFICE CHAIR DRINKING BEER DID NOT SEE!

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YRCW
17.27Oct 22 4:00 PMEDT

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