YRC Worldwide Obtains Commitments for $400 Million Asset-Based Loan Facility

YRC Worldwide Inc. YRCW announced today it has obtained commitments for a three-year, $400 million asset-based loan facility that will replace the company's existing asset-backed securitization facility. Commitments for the ABL facility comply with the agreements reached April 29, 2011, with key stakeholders providing for their support of the company's financial restructuring plan. "Replacing the ABS facility with this new facility should improve the company's liquidity," says John Lamar, chief restructuring officer and lead director of YRC Worldwide." That helps support our industry's seasonal pattern of revenues and provides the financial flexibility and run room we need to grow the business."