Cliff's Announcement and Company Transition

I'm looking for a good company to work for. Don't know if it will be this one.

 

At this point you are better off working for another company. Crete is a decent company. They all have complaints about them on the web cause hey its trucking. I wouldn't go with USA truck though.

 

I don't think anything will happen in Sept. The waver don't expire till the 30th. In early Oct the company will have a $300,000 penalty to pay if they don't get back into compliance with their credit covenants or find another lender. I think this is where the rubber will meet the road. With so much riding on the company finding a lender who will refi for them I would suspect the company will make a public announcement if a refi deal is made. If no such statement is made and Sept passes I would at that time say USA Truck is on borrowed time and if I were a driver I would start seriously looking for another job.

 

You guys are really overthinking this.


Put most companies in the same situation. Only difference is small town news reporting it.

 

No, were not. There are several well written articles about this. Do a search using usa truck credit covenants you will find them. Just to be clear, I don't think anybody is trying to say the company is about to go under tomorrow. It's just they are in a bad situation at the present and the future don't look good. Can USA Truck come out of this? Yes, they sure can! Is it certain? No. its not! That's why my best advice at this point for the drivers is to not jump ship be patient but be smart and keep enough money on you to get home!

 

the reason why people are putting so much thought into this is because USA used to be a very good entry way for people who wanted to get into trucking. In fact I would say they may have done it the best and were the most successful at it for a while. Also there are investors at risk here not just banks and employees. I worked for USA for 3 years and their corporate mission statement basically stated that they shot to do 3 things. "Be the company that shippers want to ship with, the company that drivers want to drive for, and be the stock that investors want to own." Not in the time that I drove for them and certainly not now do they or have they accomplished any of those goals.

 

You really cant overthink it. That is why I said to pray for the best but prepare for the worst. Make sure you have your ducks in a row just in case. Jumping ship will not help the situation any but dont pass up opportunities if they come knocking. And always keep your options open. Things may turn out ok and things may not. But you have to remember that the most important thing is YOU, and YOUR FAMILY!!! Not USA Truck! Make your decision based on that. What is good for you. God forbid is something does happen for the worst, I can promise you that everyone in VB will be in an "every man for himself" mindset.

 

here is a real good article posted August 9th 2012 that explains what is going on and this is coming from people that are a lot smarter than us: http://www.thecitywire.com/node/23395

 

That was posted 2-3 pages back.............

 

That article is still written by someone who is good at analyzing the market. Still most likely knows very little about trucking and what it takes to run a company. Really Cliff himself probably has more in common with the author of this article than he does with someone who has been trucking branded.