YRC Worldwide Inc. on Friday, April 22, announced it has made significant progress in negotiating the terms of the major agreements that are required to achieve the company’s financial restructuring by the end of July.
John Lamar, YRC Worldwide chief restructuring officer, says the Overland Park, Kan.-based company has been working closely with JP Morgan, agent for the senior secured lender group, the steering committee, the company’s pension funds and the Teamsters National Freight Industry Negotiating Committee. “We are very pleased with the progress that has been made and the support we have received,” Lamar says. “All stakeholders are continuing to finalize definitive agreements to complete the company’s financial restructuring.”
The company previously had announced that it had reached an agreement in principle on Feb. 28 that set forth the overall plan for the YRC Worldwide financial restructuring, which will include a substantial dilution to common shareholders.