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Crunch time for carriers

Published Saturday, November 01, 2008

In early October, YRC Worldwide drew $325 million from a $725 million credit line to pay off senior debts due in December and May 2009. “Given the unrest in the credit markets, we believe it is in the best interests of YRC to satisfy these maturities early,” William Zollars, chairman, president and CEO, said in a statement. Other truck carriers are not as fortunate as YRC to have a ready line of credit. For example, despite its high creditworthiness, nine-year-old Gavito Trucking in Milliken, CO, which is down from four trucks to three because of low freight levels ...

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