YRC says restructuring plan now going well
KANSAS CITY – A few weeks following its announcement that a "milestone failure occurred" in the next phase of creditor and labor restructuring, YRC Worldwide now says it is making "significant progress" negotiating terms of key agreements.
According to the Kansas City Star, the embattled company must comply with its financial restructuring plan by the end of July. Its next deadline for which documents must be “in final form" is this Friday.
Chief Restructuring Officer John Lamar now says the company is "very pleased" by the latest progress in its discussions with J.P. Morgan Chase & Co. (JPM) and a steering committee of the Teamsters union and senior secured lenders.
In its latest quarterly statement, YRC’s revenue rose more than expected, bolstered by its regional arm.
Although lenders didn’t declare the company in default, YRC cited it as a possibility last month given its failure to satisfy the Pension Fund Condition with the Teamsters union.
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