OVERLAND PARK, Kan., Jan. 1, 2011 /PRNewswire/ -- YRC Worldwide Inc. today announced the Teamster negotiating committee for the International Brotherhood of Teamsters has agreed to provide additional time for the company and its key stakeholders to finalize plans to recapitalize the company's balance sheet. The extension of time provided by the Teamsters is consistent with the extensions in the previously announced amendments to the company's credit agreement and asset-backed securitization facility, which are now effective. Also consistent with the credit facility amendments, a supermajority of the multi-employer pension funds who are party to the company's contribution deferral agreement ('CDA') have agreed to an extension of the deferral of interest and principal payments under that agreement through May 2011. Further details regarding the extensions, including the conditions to their continued effectiveness, can be found in the current report Form 8-K to be filed on Monday, January 3, 2011, with the Securities and Exchange Commission.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "expected," "intended" and similar expressions are intended to identify forward-looking statements. It is important to note that the company's actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including (among others) our ability to generate sufficient cash flows and liquidity to fund operations, which raises substantial doubt about our ability to continue as a going concern, inflation, inclement weather, price and availability of fuel, sudden changes in the cost of fuel or the index upon which the company bases its fuel surcharge, competitor pricing activity, expense volatility, including (without limitation) expense volatility due to changes in rail service or pricing for rail service, ability to capture cost reductions, changes in equity and debt markets, a downturn in general or regional economic activity, effects of a terrorist attack, labor relations, including (without limitation) the impact of work rules, work stoppages, strikes or other disruptions, any obligations to multi-employer health, welfare and pension plans, wage requirements and employee satisfaction, and the risk factors that are from time to time included in the company's reports filed with the SEC.
The company's expectations regarding its ability (and the timing) to complete its comprehensive recovery plan are only its expectations regarding these matters. Whether the company is able (and the timing) to complete its comprehensive recovery plan is dependent upon a number of factors including (among others) the company reaching agreement with its stakeholders and interested investors and closing transactions on negotiated terms and conditions, including (without limitation) any closing conditions that the company's stakeholders and investors may require.
The company's expectations regarding the continued support of its stakeholders are only its expectations regarding this matter. Whether the company's stakeholders continue to support the company including (among other things) to continue deferral arrangements in 2011 and to restructure obligations owed to such stakeholders is subject to a number of conditions including (among other things) the outcome of discussions with such stakeholders, whether requested support meets their requirements and the factors identified in the preceding paragraphs.
About YRC Worldwide
YRC Worldwide Inc., a Fortune 500 company headquartered in Overland Park, Kan., is a leading provider of transportation and global logistics services. It is the holding company for a portfolio of successful brands including YRC, YRC Reimer, YRC Glen Moore, Reddaway, Holland and New Penn, and provides China-based services through its Jiayu and JHJ joint ventures. YRC Worldwide has the largest, most comprehensive network in North America with local, regional, national and international capabilities. Through its team of experienced service professionals, YRC Worldwide offers industry-leading expertise in heavyweight shipments and flexible supply chain solutions, ensuring customers can ship industrial, commercial and retail goods with confidence. Please visit http://www.yrcw.com/ for more information.
Investor Contact: Paul Liljegren 913-696-6108 paul.liljegren@yrcw.com Media Contact: Suzanne Dawson Linden, Alschuler & Kaplan 212-329-1420 sdawson@lakpr.com Web site: http://www.yrcw.com/ Follow YRC Worldwide on Twitter: http://twitter.com/yrcworldwide
YRC Worldwide
CONTACT: Investor Contact: Paul Liljegren, +1-913-696-6108,
paul.liljegren@yrcw.com; or Media Contact: Suzanne Dawson, Linden, Alschuler &
Kaplan, +1-212-329-1420, sdawson@lakpr.com
Web Site: http://www.yrcw.com/
