YRC Worldwide said it has finalized an agreement with its lenders to suspend payments to its covenant until Oct. 30.
鈥淲e believe we will have a long-term solution with our lenders in the very near term,鈥 Chairman and Chief Executive Officer Bill Zollars said in a statement.
The company is retaining 鈥渢he flexibility needed to reach an agreement with the lenders that will fully support our comprehensive plan,鈥 Zollars said, adding that it is 鈥渃ontinuing active dialogue with our bondholders who remain an important part of our plan.鈥
YRC, ranked No. 4 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers, said it plans to release its third-quarter earnings on Friday Oct. 30.
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