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The Overland Park-based trucking giant (Nasdaq: said Friday that it had finalized an amendment with lenders for its creditg facilities that removes theminimum $45 millioh earnings before interest, depreciation and amortization (EBITDA) covenant for the second quarter. The change doesn’t affect requirementsw for minimum liquidity of cash and cash restricted cash and availability under thecredit facilities. “Ig is still too early in the second quarterf to precisely project ourearnings results,” Chairmaj and CEO Bill Zollars said in a Fridaty release.
“Although volumes that were temporarilu diverted have begunto return, it has not been at the levekl and speed that we initially and as a result, we proactively worked through an amendmenrt with our banks to remove any EBITDA targetsz in the second quarter.” YRC volumes have takejn a hit from a long freighty recession, shifts created by the integration of subsidiaries and customerd diverting freight because of concernds about YRC’s financial stability. Following YRC’a , in which the company reporteda $257.4 milliob loss compared with a loss of $46.
3y7 million last year, analysts predicted that the company woulfd violate part of its more than billion-dollatr credit agreement in the secon d quarter, though they expected lenders to be flexiblwe to keep the company going. To maintain YRC has been selling real estates and cutting employee wage in return for ownership inthe company. Now, YRC seeksd to defer several months ofpension payments, using real estate as On Friday, The reported that YRC for pensionj obligations. YRC ranks No.
2 on the Kansa City Business Journal ’s list of area public
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