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YRC receives extetnsion to amend debt terms

YRC Worldwide Inc. said it received an extension from its lending group to amend its debt terms.

One of the country's biggest trucking firms, Overland Park-based YRC said the banking group has allowed it to waive certain debt-compliance issues till mid-February. That will allow the company to report its 2008 results after the market's close on Jan. 29 as scheduled, the company said.

"This is another indication that our banking group supports the strategic actions we are taking and is working with us to provide the flexibility we need during the economic recession," YRC chairman and chief executive Bill Zollars said in a statement.

YRC has taken a series of steps to try and conserve cash as it tries to survive the typically slow winter months in the middle of a historical economic slowdown. The company's union workers have agreed to take a 10 percent wage cut, and its nonunion workforce has also reduced its total compensation.

The company also is in the midst of a sale-leaseback transaction for many of its terminals, including a pending deal expected to generate $150 million.

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