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TRUCKING INDUSTRY NEWS * USA - YRC finalizes credit facility amendment with banks
Detroit,ILL,USA -Reuters -Feb 12, 2009: -- The largest U.S. trucking company, YRC Worldwide Inc., said on Thursday that it has finalized an amendment with its lenders on its credit facilities... Late last month YRC reported a fourth-quarter loss of $4.14 per share and said that it was hopeful of a deal on its $962 million credit facility with its lenders by mid-February... Over the past year YRC has had to make some tough choices because of the slowing U.S. economy and over-capacity in its regional trucking business... YRC is a less-than-truckload (LTL) company. LTL operators consolidate smaller loads into a single truck... YRC integrated its two regional trucking units, with the loss of more than 1,100 jobs and the closure of 27 facilities. In January YRC's unionized workers approved a 10 percent wage cut in return for a 15 percent stake in the company...
Labels: trucking industry news USA
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