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interessant
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witzig
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gut analysiert
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informativ
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Wer den Euro nicht ehrt ist die Millionen nicht wert.
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The company plans to amend its certificate of incorporation on September 30, 2010 to implement a reverse stock split with a ratio of 1:25. The reverse stock split will be effective on the NASDAQ exchange on October 1, 2010. The reverse stock split will reduce the number of authorized common shares to 80 million from the current 2 billion and reduce the number of outstanding common shares to approximately 48 million from the current approximately 1.2 billion.
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Sie schreiben:plans
www.diesistkeineaufforderungzuirgendetwas.de
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Wer den Euro nicht ehrt ist die Millionen nicht wert.
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Wer den Euro nicht ehrt ist die Millionen nicht wert.
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From The Associated Press, November 5, 2010 - 11:50 AM
The Overland Park, Kan. company, which operates trucks under Roadway, Yellow and New Penn names, posted a loss of $61.7 million, or $1.33 per share, compared with a year-ago loss of $158.7 million, or $66.66 per share. The company had an average of 46.5 million shares outstanding in the most recent quarter compared with an average of just 2.4 million shares outstanding a year ago. The company approved a 1-for-25 reverse stock split which was effective on Oct. 1.
Revenue fell slightly to $1.14 billion from $1.2 billion a year earlier.
Analysts polled by Thomson Reuters expected a loss of $1.33 per share
Shipments per day at the company's national unit fell 12.2 percent. At its regional unit, shipments were up 2.5 percent.
http://www.canadianbusiness.com/markets/...icle.jsp?content=D9JA2FN00
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Kansas City Business Journal - by David Twiddy
Date: Thursday, November 4, 2010, 12:02pm CDT
Read more: YRC takes worn path to recovery | Kansas City Business Journal
With a contentious labor union vote behind it, YRC Worldwide Inc.’s next hurdle on its road to recovery is a familiar one — its financial backers.
The Overland Park-based trucker secured the approval of a third round of wage and benefit concessions from its International Brotherhood of Teamsters members on Oct. 30.
Those agreements included continuing a 15 percent pay cut from 2013 to 2015 and adding five months — until June 1 — to a waiver allowing YRC to avoid contributing to employee pensions. Even then, YRC will have to contribute a quarter of the amount it was paying when the waiver took effect almost 16 months ago.
The concessions, expected to save the company $350 million a year, are part of an overarching restructuring plan that now requires YRC to persuade its bondholders to again exchange a good portion of its $1.1 billion in long-term debt for equity in the company and, by Dec. 31, enter into a definitive agreement for $300 million in new financing.
The new financing arrangement would have to be completed by March 31.
As part of the deal, union officials will have a say in those debt and financing agreements and, if they aren’t satisfied, could determine the labor concessions null and void, drastically reducing the company’s viability.
But even though YRC will have a lot of incentive to get the debt and financing deals done, analysts said it may not be easy, given the still-sluggish economy and YRC’s continuing cycle of needing outside help to survive.
“We believe the company would be hard-pressed to garner a further debt-for-equity exchange from its debt holders and equally hard-pressed to find adequate third-party investors to partake in this restructuring/recapitalization,” said Art Hatfield, an analyst for Morgan Keegan Equity Research, which already has assigned the company’s stock a target price of $0.
YRC spent several months in late 2009 trying to get bondholders to swap debt for equity, a plan that succeeded only at the last minute.
An added wrinkle came on Nov. 1, when competing less-than-truckload hauler Arkansas Best Freight Corp. filed an administrative grievance and federal lawsuit against the Teamsters and subsidiaries of YRC.
The company claims that the three rounds of concessions, benefiting only YRC, violated the National Master Freight Agreement that governs unionized drivers and dockworkers throughout the country.
The suit also is asking for $750 million in damages through the end of the NMFA in March 2013.
Teamster members at ABF rejected a cost-cutting set of concessions in May, which most likely is fueling ABF’s lawsuit, said Jason Seidl, a Dahlman Rose & Co. analyst.
“We view Arkansas Best’s legal actions as the last-ditch effort by the company to bridge its cost structure gap with the LTL industry,” Seidl said, predicting that the case will drag out in court for months.
Read more: YRC takes worn path to recovery | Kansas City Business Journal
http://www.bizjournals.com/kansascity/...s-worn-path-to-recovery.html
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YRC Worldwide
OVERLAND PARK, Kan., Nov. 5, 2010 — OVERLAND PARK, Kan. Nov. 5, 2010 /PRNewswire-FirstCall/ --
- YRC National Tonnage up 1.2% and YRC Regional up 2.1% from Second Quarter 2010
- Achieved Significant Progress on Comprehensive Recovery Plan
YRC Worldwide Inc. (Nasdaq: YRCW) today reported its third quarter 2010 results. For the third quarter ending September 30, 2010, the company announced a net loss of $62 million and a $1.33 loss per share on average outstanding diluted shares of 46.5 million. As a comparison, the company reported a net loss of $159 million and a $66.66 loss per share in the third quarter of 2009 with average outstanding diluted shares of 2.4 million. The numbers of shares and the per share amounts for all periods presented within this release reflect the 1:25 reverse stock split which was effective on October 1, 2010.
"We are pleased with the continued support of our customers and our employees who remain focused on delivering results," stated Bill Zollars, Chairman, President and CEO of YRC Worldwide. "We have achieved significant progress on our comprehensive recovery plan with the ratification of our new labor contract and the renewal of our ABS facility."
For the third quarter of 2010, the company reported positive cash flow from operating activities of $5 million which included positive adjusted EBITDA which was in excess of working capital requirements, cash interest and restructuring professional fees. Adjusted EBITDA is a non-GAAP measure that reflects the company's earnings before interest, taxes, depreciation, and amortization expense, and further adjusted for letter of credit fees, equity-based compensation expense, net gains or losses on property disposals and certain other items, including restructuring professional fees and results of permitted dispositions and discontinued operations as defined in the company's credit agreement.
During the third quarter of 2010, the company issued $20.2 million in 6% notes and used the proceeds to retire approximately $20 million of 5% notes. The company repaid $25 million in borrowings under its asset-backed securitization ('ABS') facility, sold excess property of $36 million and entered into $3 million of new sale and financing leasebacks during the quarter. In addition, the company closed on the previously announced $38.7 million sale of the majority of its YRC Logistics business and used the net proceeds to pay down borrowings under the credit agreement. During 2010, the company has reduced its total debt by $73 million.
At September 30, 2010, the company reported cash and cash equivalents of $115 million, unrestricted revolver availability of $46 million and unused restricted revolver reserves of $123 million, subject to the terms of the company's credit agreement, for a total of $284 million.
"We continue to effectively manage our working capital, reduce debt and improve our cash flow, as demonstrated by the significant sequential improvement in our cash flow from operating activities from second quarter to third quarter," stated Sheila Taylor, Executive Vice President and CFO of YRC Worldwide.
As previously announced, during October 2010, the company renewed its ABS facility at $325 million through October 19, 2011.
http://www.centredaily.com/2010/11/05/2320007/...s-third-quarter.html
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ÜBERLANDpark, Kan., 5. November 2010 - ÜBERLANDpark, Kan. 5. November 2010 /PRNewswire-FirstCall/ --
- YRC nationale Tonnage herauf 1.2% und YRC regionale oben 2.1% von Zweitem Quartal 2010
- Geerzielter bedeutender Fortschritt auf komplettem Wiederherstellungsplan
YRC Worldwide Inc. (Nasdaq: YRCW) meldete seinem dritten Trimester 2010 Resultate heute. Für das Trimesterende 30. September 2010, verkündete die Firma einen Reinverlust von $62 Million und einen Fehlbetrag je Aktie $1.33 auf durchschnittlichen hervorragenden verdünnten Anteilen von 46.5 Million. Als Vergleich meldete die Firma einen Reinverlust von $159 Million und einen Fehlbetrag je Aktie $66.66 am dritten Trimester von 2009 mit durchschnittlichen hervorragenden verdünnten Anteilen von 2.4 Million. Die Zahlen Anteilen und pro Anteilmengen während aller Zeiträume stellten sich innerhalb dieser Freigabe reflektieren die Rückauf lagerspalte des 1:25 dar, die am 1. Oktober 2010 wirkungsvoll war.
„Wir werden mit der anhaltenden Unterstützung unserer Kunden und unserer Angestellten, die auf das Liefern von Resultaten konzentriert bleiben,“ angegebener Bill Zollars, Vorsitzender, Präsident und Vorstandsvorsitzende von YRC weltweit gefallen. „Wir haben geerzielt bedeutenden Fortschritt auf unserem kompletten Wiederherstellungsplan mit der Bestätigung unseres neuen Arbeitsvertrags und der Erneuerung unserer ABS-Anlage.“
Während des dritten Trimesters von 2010, berichtete die Firma über positiven Bargeldumlauf von den Betriebstätigkeiten von $5 Million, denen enthaltene positive justierte EBITDA, die mehr als notwendig Arbeitskapitalanforderungen war, Interesse und Honorare der Umstrukturierung kassieren. Justiertes EBITDA ist ein non-GAAP Maß, das das Einkommen der Firma vor Interesse, Steuern, Abschreibung und Tilgungunkosten reflektiert, und weiter eingestellt auf Akkreditiv Gebühren, Billigkeit-gegründete Ausgleichsunkosten, Reinerträge oder Verluste auf Eigentumbeseitigungen und bestimmten anderen Einzelteilen, einschließlich Honorare der Umstrukturierung und Resultate der die Erlaubnis gehabten Einteilungen und der eingestellten Betriebe, wie in der Gutschriftvereinbarung der Firma definiert.
Während des dritten Trimesters von 2010, gab die Firma $20.2 Million in den 6% Anmerkungen heraus und verwendete die Erträge, um sich ungefähr $20 Million von 5% Anmerkungen zurückzuziehen. Die Firma erstattete $25 Million im Borgen unter seiner durch Vermögenswert besicherten Anlage des Securitization („ABS ") zurück, verkaufte überschüssiges Eigentum von $36 Million und nahm an $3 Million von neuen Verkaufs- und Finanzierungsrückmieten während des Viertels teil. Zusätzlich schloß die Firma auf dem vorher verkündeten Verkauf $38.7 Million der Majorität seines YRC Logistikgeschäfts und verwendet dem Netz fährt fort, hinunter Borgen unter der Gutschriftvereinbarung zu zahlen. Während 2010 hat die Firma seine Gesamtschuld um $73 Million verringert.
Bei 30. September 2010 berichtete die Firma Bargeld- und Bargeldäquivalente von $115 Million, uneingeschränkte Revolververwendbarkeit von $46 Million und über unbenutzte eingeschränkte Revolverreserven von $123 Million abhängig von den Ausdrücken der Gutschriftvereinbarung der Firma, für insgesamt $284 Million.
„Wir fahren fort, unser Arbeitskapital effektiv zu handhaben, verringern Schuld und verbessern unseren Bargeldumlauf, wie durch die bedeutende aufeinander folgende Verbesserung in unserem Bargeldumlauf von den Betriebstätigkeiten vom Zweiten Quartal zum dritten Trimester,“ zu angegebener Sheila Taylor, zum Executivvizepräsidenten und zu CFO von YRC weltweit gezeigt.
Wie, während Oktober 2010, die Firma vorher verkündet erneuerte seine ABS-Anlage bei $325 Million bis 19. Oktober 2011.
http://66.196.80.202/babelfish/...orldwide-reports-third-quarter.html
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46,530
AVERAGE SHARES OUTSTANDING-DILUTED
46,530
Dachte auch, dass die in den 80 Mio. Authorized bereits enthalten wären...!?
Gruß,
T.
Nicht der Mensch ist die Krone der Schöpfung, sondern die Natur.
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dass die 47 mio.outstanding shares (Aktien die im Umlauf sind) nicht teil der authorized shares sind. desweiteren, dürfen nur noch 13 mio aktien von yrcw ausgegeben werden, das steht in so ner investor info; hab aber keine lust das jetzt rauszusuchen, ist schließlich WE!
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das sie es schaffen werden...
Schönen WE ;-)
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heute unter 4,00 $, super Aktie, wenn wir da mal noch mit unserem Einstandspreis wieder rauskommen in den nächsten 2 Jahren, dann müssen wir froh sein. Note 1 YRCW!!! Hier wird es sehr Long. So jetzt schläft die Aktie erst mal für ein paar Monate ein und es wird sich nicht viell tun bis Q4
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St. Louis Business Journal - by David Twiddy
Date: Friday, November 5, 2010, 2:55pm CDTRead more: YRC Worldwide reduces loss in third quarter | St. Louis Business Journal
YRC Worldwide Inc. reported a dramatic reduction in its losses for the third quarter as it benefited from lower costs and a continued uptick in freight.
The Overland Park, Kan.-based trucker (Nasdaq: YRCW) on Friday reported losing $61.7 million, or $1.33 a share, in the July-to-September period. By comparison, it lost $158.7 million, or $66.66 a share, during the same period a year ago. The year-ago figures were adjusted to reflect a one-for-25 reverse-stock split the company implemented at the end of September.
Analysts surveyed by Thomson Reuters had expected a loss of $1.31 a share.
Revenue during the quarter fell 5 percent to $1.14 billion, meeting analysts’ expectations.
Chairman and CEO Bill Zollars said the company has made “significant progress” on its restructuring plan, including the ratification of new wage and workplace concessions by the International Brotherhood of Teamsters and the renewal of an asset-backed debt package worth $325 million.
Zollars has said he will retire from the company once the restructuring plan is completed.
During the quarter, YRC repaid $25 million in debt, sold $36 million in excess property, entered into $3 million in sale-leasebacks and sold most of its YRC Logistics business for $38.7 million, which was used to reduce debt.
YRC has 560 employees in the St. Louis area.
David Twiddy writes for the Kansas City Business Journal, an affiliated publication.
Read more: YRC Worldwide reduces loss in third quarter | St. Louis Business Journal
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Zum Thema KE durch Ausgabe der 32MIo Aktien habe ich schon die ganze Zeit betont, dass ich es ebenso sehe und die so spät als möglich ausgeben würde... denn wird Q4 wirklich endlich Gewinne abwerfen, dann wird der Kurs gewaltig steigen...
Bis dahin werden wir zwischen 3,50-4,50 Dollar rumeiern denke ich evtl mal nen Angriff auf die 5 wenn es irgendwas Positives vorab gibt.
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hier muss ein riesiges unternehmen saniert werden, desweiteren sind von den 32 mio. noch offenen aktien ein paar in optionen, somit sind nur ca. 12-15 mio. glaube ich in richtigen aktien auszugeben!
(müsst ihr mal wie schon geschrieben die investors-berichte bei yrc durchblättern!)
jense wenn du mit verlust ins jahr 2011 gehst, dann startest du aber mit null verlusten!
was heisst, du musst bei deinem gewinn erstmal die steuer von 25%+ eintraden!!!
es seidenn du hast was zum abschreiben bzw gegen schreiben in der steuererklärung von diesem jahr!!!
gruss
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was heisst, du musst bei deinem gewinn erstmal die steuer von 25%+ eintraden!!!"
Verlustvortrag ins nächste Jahr auch bei Aktienverlusten möglich. Erkundige dich mal bei deiner Bank.
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Denn auch ich bin hier investiert, habe den Splitt bewußt mitgemacht und bei unter 4 Dollar reichlich nachgekauft, so dass ich den heutigen Kurs eingerechnet, bei 7% minus stehe.
Ärgerlich, trotzdem glaube auch ich, das wir mittelfristig den break bis Ende 2011 um die 7,50 Dollar und vielleicht sogar noch höher sehen werden. Das bedeutet allerdings für alle die auf Sekko reingefallen sind, oder haben sich von ihm und seinen Forums Lakaien verführen lassen, (wiederum ist jeder sebst für sich verantwortlich an der Börse) dass sie geduldig sein müssen. Der Splitt war bei 0,25 Dollar und entspricht dann 6,25 Dollar. Solange wir hier keinen Voll KO erleben, errreichen wir unser Ziel, wobei jeder ein anderes Ziel bzw. Einstiegskurs hat.
Wünsche uns allen Geduld und gutes Gelingen. Bin wieder raus aus dem Forum.
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Ich habe mich eben entschiedn nicht alles zu verkaufen... habe aber die Hälfte dann bei 4,4 verkauft ... aber bin Dir ja keine Rechenschaft schuldig...
am Tage des Splits standen wir übrigens direkt nachbörslich bei 0,33$ was über 8$ umgerechnet werden, wenn Du hier schon einen aug klug machst
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1 Tag vor seinem größten Triumpf, hat man ja wenigstens Resi gesperrt, das wäre was geworden.
Der Prinz käme besser an, wenn er die Meldungen mit seinen eigenen Worten analysieren würde, als das Forum voll zu müllen und man könnte besser erkennen, ob er es überhaupt selbst verstanden hat, was er uns zumutet.
Bei YRC vermisse ich klare Aussagen vom Unternehmen, sodaß die Anleger von einer gewissen Grauzone eingenebelt werden, die sogenannte Image oder Kurspflege fehlt völlig. Viele erwartungsvolle Anleger verlieren die Nerven und der Kurs fällt. Hier eine Strategie abzugeben, ist sehr schwierig.
YRC ist wie ein Minnirock, er gibt sehr viel preis, aber das Wichtigste verdeckt es.
Schönes weekend
N8
Blauwal
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The expected savings from the work rule changes in this contract which are being implemented now are designed to offset the cost of resuming those pension contributions. A large portion of the work rule savings comes from a change in vacation rules which impacts the accrual for 2011 vacation. In addition the work rule changes allow us to better match our work force and each network and respond to the dynamic demand of our customers supply chains. For example, we can better meet peak demand times which occur during each work day through the use of 4 hour shifts and additional stagger start times.
And use with multiple start days for our employees allows us to manage the normal variability of customer demand during the week. Finally, we’ll be able to keep the freight moving faster. Fewer hand-offs with these new efficiencies in our network operations. All of this means we can provide better response to our customer’s needs, for improving the costs productivities at the same time, moving on.
As you probably know by now ABS has filed a suit in U.S. District Court of Arkansas attempting to nullify our contract with our Teamster Employees. Their claim is in direct contradiction to the laws governing labor contracts and in direct contradiction to their specific statements regarding their intention to not be bound by any agreements with TMI and the IBT. They are not a party to our labor contract. Let me give you some historical background.
For the five year labor contract which began on April 1st, 2008 ABS decided not to bargain with YRC and Holly. In August 2007, latter Bob Davidson, former CEO of ABS stated, “ABS will not consider itself bound to any such agreement, reached between TMI and the IBT.” In another August 2007 letter to the Teamsters, Mr. Davidson stated, “ABS hereby gives notice that it will conduct future negotiations directly with the IBT in order to enter into a new collective bargaining agreement applicable only to ABS.” ABS then dropped out of our negotiations of the 2008 contract and never became a party to our contract; later ABS was unable to negotiate a deal of their own and decided to enter into a contract with their employees that we’ve been told was on the same terms as the agreement that YRC and Holland has negotiated. We’re not a party to their labor contract with their employees.
Early this year ABS again tried to desperately negotiate; this time it was for an amendment to their 2008 labor contract. ABS proposed amendment was presented to its employees for ratification and was voted down. This very amendment stated that ABS was not part of our contract or our multi-employer bargaining unit. With the recent actions ABS is now interfering with our contract with our employees. We’ve sacrificed so much and approved three amendments. We will vigorously defend the decisions that our employees have made. Due to the pending litigation we won’t comment further on this call but we will update you as we file our quarterly response. Now I’ll turn it back over to Bill for closing.
Thanks, Mike, before wrapping up as you know I’ve informed the board of my intention to retire and the board has formed a search committee with the focus primarily on external candidates. I’m happy with the quality of leadership shown throughout the organization and believe it is a key contributor to our improved operating performance. I look forward to being involved in the process to find my replacement that will lead the company through its next chapter. Let me close by reiterating what Sheila said in that we are on an ongoing discussions with our stake holders in order to complete the final steps in our comprehensive recovery plan. We believe the steps we have already taken can demonstrate the continued support of all of our stakeholders including our employees, the IBT, our lenders, the pension funds and of course our customers. Because of where we are in the process we’re not going to be taking any specific questions on this topic today. We’ll now take your questions related to the business and we would ask that you limit yourself to just one question with one follow up.
Question-and-Answer session
Operator
At this time I would like to remind everyone in order to ask a question please press star then the number one on your telephone keypad. We’ll pause for just a moment to compile the Q&A roster. You’re first question comes from the line of Edward Wolfe with Wolfe Tran. You’re line is now open.
Edward Wolfe – Wolfe Tran
Morning, first can you just give an updated liquidity balance through October?
No, we’re not going to provide that Scott but I’d say it’s fairly consistent. We had positive EBITDA in October and continue to show that trend.
Edward Wolfe – Wolfe Tran
Okay, okay, so that’s helpful and then I understand that you don’t want to talk much about some of the next steps with the banks but just directionally can you talk about have you figured out how much of the debt needs to go away and if not what’s the timing to figure out that number and then just so let’s start there in terms of what’s coming out?
As I said we’re not going to talk about where we are in those discussions but they are ongoing with the lender group and we’re obviously working on the solution to many of those issues.
Edward Wolfe – Wolfe Tran
Okay, so okay, can’t talk about that. Okay, so then next question just when I look at the yields close to national and regional they were pretty flattish sequentially over second quarter. We’ve seen some nice yield improvements from some of the other LTLs, what’s going on where we’re not seeing the yield improvement? Is it that there’s some business that’s coming back to you that’s having some mix issues or is it tough to get the real rates out?
Well because we had a bit of shift in weight per shipment during the quarter, probably the more relevant numbers to look at are revenue per shipment rather than revenue per hundred weight and the revenue per shipment was up about 2% at the national company versus a year ago and up about 4% at eth regional company so pretty good growth and revenue per shipment year over year and again if you looked at if the shift from quarter to quarter were reasonably flat on the national side and up a little bit on the regional side. So we’re fairly consistently providing I think disciplined pricing. It’s nice to see some of the other competitor’s that haven’t been in the past starting to get religion. We think that can only help the industry dynamics but we continue to be pretty disciplined in our pricing approach.
Edward Wolfe – Wolfe Tran
And what kind of impact do you think we should see in fourth quarter from the GRI’s and other rate initiatives?
As we mentioned the GRI is holding well, better than it has in recent years and we’re continuing to see good momentum on the contractual side of our business. So I would expect those trends to continue in the fourth quarter.
Edward Wolfe – Wolfe Tran
Okay thanks for (inaudible).
Okay.
Operator
You’re next question comes from the line of Jason Seidl with Dalhman Rose, your line is now open.
Jason Seidl – Dalhman Rose
Hi, guys. Hey Sheila, well first I just want to just congratulate you guys on being the first carrier to go out there and take and being out cycle GRI and showing leadership in the LTL industry. I think it was much needed for the group. Now, Sheila, as we look out to 2011 I know you mentioned you wouldn’t give specific CapEx guidance but I’m assuming we’re going to have to be materially higher than $20 to $30 million. Can you talk to us about sort the average age of some of your equipment in both your tractors and your trailing fleet to give us an idea of what might need to be spent?
Yes, I think I mentioned Jason, our – the age of our fleet has been fairly consistent given the integration and what we’ve been able to do there. Line haul tractors on average right now are about four and a half years and city tractors are about 10 and remember there are – we run them in the city for about 7 and then move them into the – I’m sorry run them off line haul for about 7 then move them into the city and then on the trailer side they’re about nine years on average.
Jason Seidl – Dalhman Rose
Okay, that’s helpful and Bill you talked a little bit about the contractual rate increases that you were being sued, can you talk to what progression of your contract rate increases this year and how they’ve been improving sort of 3Q over 2Q over 1Q?
Yeah, I think it’s fair to say that they’ve improved sequentially every quarter as we entered 2010. So there’s good momentum here in the right direction.
Jason Seidl – Dalhman Rose
Okay, can I get one more in? On Reddaway, Bill, did – just so I get this right, Bill, is a customer adjusting something, did you loose some business at Reddaway, what was going on there?
Oh, the situation at Reddaway is that one of our larger customers there has changed their supply chain and has moved away from LTL in terms of the percentage of their freight mix and that is having a knock down effect to Reddaway.
Jason Seidl – Dalhman Rose
Okay so it wasn’t you lost an LTL carrier it’s just that they’ve changed their distribution patterns?
Exactly.
Jason Seidl – Dalhman Rose
All right, I appreciate the time as always everyone. Thank you.
Okay, Jason.
Thanks, Jason.
Operator
You’re next line from – you’re next question comes from the line of Tom (inaudible) with JP Morgan. You’re line is now open.
Alex Johnson – JP Morgan
Good morning, it’s actually Alex Johnson in for Tom.
Hi, Alex.
Alex Johnson – JP Morgan
Good morning, so the first question that – wanted to ask is in terms of the lawsuit that Arkansas Best filed, you gave some good detail there, in terms of you defense of that, are there any expenses that would be associated with defending yourselves on that that we should be aware of?
Well it’s really hard to predict that. I think obviously anytime you file a lawsuit there’s expense but you know we would expect to win the day in both defending ourselves against a suit that’s been already been filed and then would expect to win any lawsuit that we counter file.
Alex Johnson – JP Morgan
Is it the type of thing where you think that that could be resolved pretty quickly, is that the guidance that you’re getting from your legal counsel?
I have no idea.
Alex Johnson – JP Morgan
No idea. Okay, and then my follow up question, is in terms of just looking at some of items the working capital items within the quarter looks like payables were a use of cash in the quarter is that consistent with normal seasonality, was there anything that you know reduced the payables and found that to be a use of cash in the quarter and what does that mean for the fourth quarter?
No it’s – I mean it’s pretty consistent with what we would normally see from a seasonality standpoint. So I don’t expect anything significantly different on the receivables or oh the payables side. Obviously we continue to work with out vendors to negotiate more favorable payable terms and try and better match our DPO and our DSO. I think we’re doing a pretty effective job at that.
Alex Johnson – JP Morgan
Okay, and what’s – just one more, what’s within – what’s contained within the other liabilities that was roughly $50 million benefit to cash in the quarter?
Alex, that’s where the interests that were booking on the income statement, the interest accrual, is being deferred by the lenders. That’s showing up in accrued liabilities.
Alex Johnson – JP Morgan
Okay. Great, thank you very much.
Sure.
Operator
You’re next question comes from the line of Tom Albrecht with BBT. Your line is now open.
Tom Albrecht - BBT
Hey, good morning everyone, I just wanted to get the latest number of service centers at both national and the regional company’s.
Give us one moment Tom.
Tom Albrecht - BBT
Okay.
It’s 350 at national and 128 or so at the regional.
Tom Albrecht - BBT
And are you essentially done, I mean I know a network, whether its you or others, there’s a little bit of a dynamic nature to it but I mean in terms of wholesale, plan, shrinkage, are you essentially done at this moment?
This is Mike Smid, actually no, we will continue to work particularly on the YRC network, to refine the pick and delivery areas and there will be some further consolidation of facilities as we progress through this year and into next.
Tom Albrecht - BBT
Do you have stated goal on desired or amount of properties you hope to sell, I know you gave us a – what you did in the quarter on that?
No, I mean we still have some access that we’re selling from the integration, that are still on the market that we’ll be selling and I would expect over the next couple years you’ll continue to see proceeds from those but they’ll definitely come down from where they’ve been over the last two years.
Tom Albrecht - BBT
Mike, is it fair to think about your network as probably not going below 300 service centers?
I think – we’ll continue to work at least toward that number. I would suspect that ultimately it would be slightly less than that.
Tom Albrecht - BBT
Okay, thank you.
Thanks, Tom.
Operator
Your next question comes from the line of Chris Ceraso with Credit Suisse, your line is now open.
Chris Ceraso – Credit Suisse
Thanks, good morning. I was hoping you could just help me understand something about this suit. I know you can’t say too much but it – wouldn’t a win by ABS threaten Yellow solvency and if that’s true doesn’t that leave ABS holding the bag on the Central States Pension?
Well, we – as we said previously we think this suit is completely without merit and we’re approaching it on that basis as we defend ourselves here but we don’t see that as a possibility.
Chris Ceraso – Credit Suisse
Okay and then another pension related question, what’s your view on the change in Congress? Does that put at risk the likelihood of getting the Orphan Pension Relief? Is that still relevant for you?
I think it is relevant. We don’t see that as having much impact on chances per success but we’ve got good support on both sides of the isle.
Chris Ceraso – Credit Suisse
Any update on where that stands?
Not really, they’re just coming back to work here and we’re going to continue to work with Congress on the fixes that are required there.
Chris Ceraso – Credit Suisse
Okay thank you.
Operator
That’s all the time we have for questions now. Now let’s turn the conference back over to our presenters.
Thanks very much for joining us and we’ll speak to you at the end of the next quarter.
Operator
This now concludes today’s conference call you may now disconnect.
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