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TRUCKING INDUSTRY * USA - YRC Gains Bondholder Approval
Akron,OH,USA -Bloomberg/Transport Topics -4 January 2010: -- YRC Worldwide’s bondholders agreed to swap their debt for equity late last week, enabling the company to continue operating and avoid a possible bankruptcy filing... Bondholders with 70% of YRC’s $150 million of 8.5% notes due in April offered to tender, meeting a required threshold by Dec. 31, YRC said in a statement... Holders of 88% of all of the company’s outstanding bonds, with a face value of $470 million, participated in the exchange... YRC, which has posted $1.7 billion in losses in the past five quarters, extended the deadline for the bond exchange six times this month, while the Teamsters Union sought to overcome the resistance of bondholders who own derivatives that would profit if the company defaulted, Bloomberg said...* YRC struggles reflect changing LTL dynamic
Akron,OH,USA -Fleet Owner, by Sean Kilcarr -Jan 4, 2010: -- Though YRC Worldwide secured enough participation in its debt-for-equity exchange last week to postpone a $19 million interest and fee payment as well as to secure a lifeline of sorts via a $159.8 million line of credit, its struggles – and those of the LTL industry as a whole – are far from over... “National carriers like YRC have too much cost, both fixed and variable, built into their infrastructure,” Doug Sartain, president of Cleveland, OH-based Shipmate Logistics, whose trucking career included stints at Pitt Ohio Express, Ward Trucking and Jevic Transportation, told FleetOwner... Richard Clepper, president of Lancaster, PA-based Clepper Consulting Group who spent 33 years with Yellow Freight before it merged with Roadway to become YRC, noted that the company still has plenty of talented, experienced people on hand for a successful turnaround...
* Customers Returning “Aggressively” Says YRC's CEO Zollars
New York,NY,USA -Barrons, by Tiernan Ray -6 Jan 2010: -- Shares of trucking logistics firm YRC Worldwide (YRCW) are up 8 cents, or 11%, at 75 cents, nearly a week after the company completed a debt-for-equity swap meant to avoid bankruptcy... CEO Bill Zollars, told him that a bankruptcy filing is “not on the radar screen” and that customers “are returning pretty aggressively.”... Customers “feel a lot better about doing business with us,” Zollars told Sechler, and added the “worst is over,” without offering details on customer retention or returns... Regarding liquidity, Zollars reiterated the company has $160 million to get to March, when freight volumes should pick up from seasonal lows, and the company feels confident the company can retire $30 million of bonds by that time...
* Minnesota - Wren Family Sells LTL Firm Lakeville Motor Express
Minneapolis,Minn,USA -Transport Topics -4 January 2010: -- Less-than-truckload carrier Lakeville Motor Express has been sold by the Wren family that founded the Minnesota company in 1921 to Roger Wilsey Sr., an LME vice president, and his wife, Shari... The deal closed Dec. 18, but terms were not disclosed... Lakeville is the nation’s 32nd-largest LTL carrier with revenue topping $80 million last year...* Oklahoma - Trucking Companies Focus on Educating Drivers to Meet CSA Requirements
Oklahoma City,OK,USA -Transport Topics, by Daniel P. Bearth & Rip Watson -4 January 2010: -- Even before the first stage of the new federal Comprehensive Safety Analysis begins next summer, some freight companies are stepping up efforts to educate drivers and management about the new ratings and are taking steps to reduce the risk of violations... That Federal Motor Carrier Safety Administration program will introduce safety ratings for all carriers and drivers that for the most part don’t exist for fleets and not at all for drivers. The first step will be replacing the agency’s SafeStat database based on compliance reviews with a new system based largely on actual safety performance by fleets and drivers... At Freymiller Trucking, a refrigerated truckload carrier based in Oklahoma City, drivers receive $50 for every violation-free roadside inspection and a $250 gift card if no violations are found in more than four inspections during a month... (Photo from hankstruckpictures: Trucking Freymiller)
* Mississippi - Tupelo-Based Company Applies New Standard in the Freight Industry
Tupelo,MISS,USA -TruckStopUSA -January 5, 2010: -- Vector Transport opens up a whole new category for non-asset based transportation... Understanding the need for relationship-building, prompt carrier payment, and guaranteed quality, Vector Transport has set out to differentiate itself, thereby opening up a new category of freight broker known as a Transport company... Vector has developed a new business model for both shippers and carriers. Some of the major Vector differentiators include a 3-Point Certification Program that every carrier must undergo to be designated worthy to haul for a Vector shipping client, a $100,000 TIA Performance Certified Surety Bond (ten times the industry standard), and guaranteed 14-day payment to carriers... Located in Tupelo, Mississippi, Vector Transport is a freight transport company that sets a new standard in shipping, with 24-hour call center availability...Labels: trucking industry news USA
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