ABS Amendment Demonstrates Progress
On Sept. 28, YRC Worldwide filed an 8K announcing an amendment to our Asset Backed Securitization (ABS) facility that takes into account the impact the Yellow and Roadway network integration had on revenue and accounts receivable. The due date of a $10 million fee owed to our lenders under the ABS facility was also extended from Sept. 30 until Oct. 13. The amendment and extension enable us to retain liquidity as we move forward with our comprehensive recovery plan.
While strengthening our liquidity position, this amendment also attests to the ongoing support we're receiving from our banking group.
