In The News
January 2009
YRC Worldwide Completes First Phase of Financing Transaction
Receives $101 Million of Cash Proceeds
(press release from YRC Worldwide)

OVERLAND PARK, Kan., Jan 30, 2009 /PRNewswire-FirstCall via COMTEX/ -- YRC Worldwide Inc. (Nasdaq: YRCW) announced today that it has closed the first part of the sale and financing leaseback transaction from a contract with NATMI Truck Terminals, LLC ("NATMI") entered on December 19, 2008. The company received approximately $101 million of proceeds today and expects to receive approximately $50 million more in the second closing. Details of the transaction were provided in a Current Report on Form 8-K filed with the Securities and Exchange Commission ("SEC") on December 24, 2008.

"This is one of many significant steps in the initiatives to improve our liquidity," stated Tim Wicks, Executive Vice President and CFO of YRC Worldwide. "We are pleased with our strong working relationship with NATMI and how quickly we have been able to complete this first step. We remain encouraged by our progress on the next phases. These transactions are a key component of the discussions with our banks, which remain very productive."

In the company's waivers filed with the SEC on January 22, 2009, it stated that it now has the ability to use the proceeds from this transaction for operating purposes, which is the company's current intention. The company will account for the proceeds as a financing transaction, therefore, the assets remain on the books and a lease obligation will be recorded as long-term debt. The company will recognize the lease payments through interest expense with no impact to depreciation expense.

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "expects," "intention" and similar expressions are intended to identify forward-looking statements.

The company's expectations regarding the second closing of the sale and leaseback transaction are only its expectations regarding this matter. Whether the closing occurs, and the proceeds received at closing, are subject to the satisfaction of normal and customary due diligence and related conditions, including NATMI's right to elect not to acquire any of the remaining subject facilities in its sole discretion during the inspection period.

YRC Worldwide Inc., a Fortune 500 company and one of the largest transportation service providers in the world, is the holding company for a portfolio of successful brands including YRC, Reimer Express, YRC Logistics, New Penn, Holland, Reddaway and Glen Moore. Building on the strength of its heritage brands, Yellow Transportation and Roadway, the enterprise provides global transportation services, transportation management solutions and logistics management. The portfolio of brands represents a comprehensive array of services for the shipment of industrial, commercial and retail goods domestically and internationally. Headquartered in Overland Park, Kansas, YRC Worldwide employs approximately 55,000 people.

SOURCE: YRC Worldwide Inc.

http://www.yrcw.com

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