YRCW » Topics » Asset Sales

This excerpt taken from the YRCW 8-K filed Oct 30, 2009.

Asset Sales

The Credit Agreement Amendment limits net cash proceeds from asset sales in fiscal year 2009 to $400 million and limits net cash proceeds from asset sales in fiscal year 2010 to $200 million, which limits do not include net cash proceeds received from certain asset sales, including (i) the sale of real estate that constitutes first lien collateral of the Funds pursuant to the Contribution Deferral Agreement and (ii) the sale and lease back transaction completed with NATMI Truck Terminals, LLC in the first half of 2009.

The Company may only consummate additional sale and leaseback transactions if (i) a majority of the Lenders approve the transactions or (ii) such transactions were approved by the Lenders in connection with the Credit Agreement Amendment. The Company expects to close approximately $50 million of approved sale leaseback transactions in the fourth quarter of 2009. The closing of these sale leaseback transactions are subject to the satisfaction of normal and customary due diligence and related conditions, including the right of each buyer to terminate its obligation in its sole discretion during the inspection period.

This excerpt taken from the YRCW 8-K filed Aug 31, 2009.

Asset Sales

The Credit Agreement Amendment increases to $400 million the net cash proceeds the Company can receive from asset sales consummated during 2009 (other than certain specified asset sales, including the sale and leaseback transaction entered into in December 2008 between the Company and NATMI Truck Terminals, LLC).

This excerpt taken from the YRCW 8-K filed Feb 13, 2009.

Asset Sales

Neither the Company nor any of its subsidiaries will consummate any asset sale (other than certain specified asset sales, including the NAT Transaction) unless the following conditions are satisfied:

 

   

such asset sale is made on an arms-length basis and for 100 percent cash consideration;

 

   

the consideration received in connection with real estate asset sales meets certain valuation criteria;

 

   

the consideration received in connection with any non-real estate asset sale and involving consideration in excess of $5,000 shall be equal to or greater than 100 percent of the net book value of the asset subject to such asset sale;

 

   

the fair market value of all property disposed of in such asset sale, when aggregated with any other asset sales consummated during the same fiscal year of the Company, shall not exceed (i) for the fiscal year of the Company ending December 31, 2009, $400 million and (ii) for each fiscal year of the Company ending thereafter, 10 percent of the consolidated total assets of the Company and its subsidiaries; and

 

   

no default or event of default has occurred and is continuing prior to making such asset sale or would arise after giving effect to the asset sale.

 

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