NEW YORK — The CEO of YRC Worldwide Inc. said Tuesday he has not seen consistent signs of an economic recovery, although the trucker’s business is improving.
Speaking at the JPMorgan Aviation, Transportation and Defense conference, Bill Zollars said there is no expectation of an economic rebound in the short term.
“We’re not banking on it, but if it does, that will be more wind at our back,” he said.
YRC, which operates trucks under the names New Penn, Holland, Yellow and Roadway, had a brush with bankruptcy near the end of 2009 -- the result of more than a year of financial turmoil.
YRC managed a successful debt-for-equity swap at the end of the year, which virtually wiped out shareholders to satisfy creditors. The company had just $98 million in cash as of Dec. 31 and more than $1.07 billion in liabilities.
Last month the company reported a fourth-quarter operating loss $95.4 million, but it said then that it has momentum coming into this year. A debt-for-equity swap in late 2009 virtually wiped out shareholders to satisfy creditors.
Zollars said Tuesday that some customers are starting to show more confidence in the company and that shipping volume is improving.
Kevin Jones of The Trucker staff can be reached for comment at firstname.lastname@example.org.
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