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YRC Worldwide considering refinancing its debt for 2nd time

YRC Freight recorded an operating loss of $8.5 million for the quarter just ended.

The Trucker News Services

8/9/2013

YRC Worldwide Inc. “is considering refinancing its debt for the second time in two years,” Reuters reported, after a much larger-than-expected loss for the most recent quarter.

The company suffered its ninth loss in 10 quarters this week and representatives said it had retained Credit Suisse and the Maeva Group to “explore refinancing and recapitalization options.”

YRC Worldwide had $1.29 billion in long-term debt, the story by Mridhula Raghavan and Sagarika Jaisinghani stated, compared with $218.7 million the company had “in cash, cash equivalents and an asset-based load facility, as of June 30.”

The story said although freight volumes are picking up, YRC hasn’t benefited because of its LTL focus.

Also, YRC Worldwide’s cost-cutting program was delayed in the second quarter because of high shipment volumes, the company noted.

YRC Freight recorded an operating loss of $8.5 million for the quarter just ended.

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