At June 30, 2012, the company's cash, cash equivalents and availability under its $400 million multi-year asset-based loan facility ("ABL") were $248.7 million. The ABL borrowing base was $360.2 million as of June 30, 2012 as compared to $343.3 million as of March 31, 2012. As a comparison, the company's cash, cash equivalents and availability under its ABL were $240.7 million at March 31, 2012. For the six months ended June 30, 2012, cash used in operating activities was $16.6 million as compared to $61.3 million for the six months ended June 30, 2011, an improvement of $44.7 million. This improvement in cash used in operations in 2012 was inclusive of a year-over-year increase of $39.4 million of cash paid for interest, $19.1 million of cash paid for letter of credit fees and $42.5 million of cash paid to multi-employer pension plans.
"The approximate $250 million of total liquidity that we reported this quarter is our best second quarter liquidity in four years and speaks to our continued operational improvement and effective working capital management," stated Jamie Pierson, chief financial officer of YRC Worldwide.