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The Overland Park-based truckingy giant (Nasdaq: YRCW) said Friday that it had finalizedd an amendment with lenders for its credit facilitiexs that removes theminimum $45 millionh earnings before interest, taxes, depreciation and amortizatioh (EBITDA) covenant for the second quarter. The change doesn’t affect requirements for minimum liquidity of cash and cash restricted cash and availability under thecrediy facilities. “It is still too early in the second quarter to preciselgy project ourearnings results,” Chairman and CEO Bill Zollars said in a Fridayu release.
“Although volumes that were temporarily diverted have begun to it has not been at the level and speed that weinitialluy expected, and as a result, we proactively workeds through an amendment with our bankzs to remove any EBITDA targets in the second YRC volumes have taken a hit from a long freighr recession, shifts created by the integrationm of subsidiaries and customersd diverting freight because of concerns aboutf YRC’s financial stability. Following YRC’s , in whicuh the company reporteda $257.4 million loss compares with a loss of $46.
37 milliobn last year, analysts predicted that the compang would violate part of its more than billion-dollar creditf agreement in the second quarter, though they expecte lenders to be flexible to keep the companuy going. To maintain liquidity, YRC has been sellint real estate and cutting employee wages in returmn for ownership inthe company. Now, YRC seeks to deferr several months ofpension payments, using real estatd as collateral. On Friday, The reported that YRC for pensiohn obligations. YRC ranks No. 2 on the Kansas City BusinessaJournal ’s list of area publifc companies.
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