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The Overland Park-based truckingt company’s (Nasdaq: YRCW) subidiaries signedr agreementswith Inc. to sell and lease back certainn facilities, with sales expecte to close from Marcbthrough June. Leases are for 10 years, with optionxs to renew for another20 years. If Estes decided to sell a facilituy in the nextthree years, YRC would get to make the firsgt offer. “We are pleased that we finalizes another significant component of ourliquidityu initiatives,” YRC CFO Tim Wickxs said in the release. “It is commob practice in our industry to leas e facilities from otherindustry providers, and in we presently lease other facilities from Estew and they lease from us.
This is a continuation of that We continue to have additional opportunities in this area with otherr investors and recent improvements in this particular markeft have made them even more Credit agencyStandard & Poor’s this week changed the implication s of its review on YRC Worldwide Inc. from developint to positive in the wake of YRC finalizinh a bank amendmenton Feb. 12, and said it coule raise YRC’s ratings after more the release said. “We appreciate S&P’sa initial perspective of our bank amendment and theirr willingness to evaluate its positive liquidity aspects,” Wicks said.
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