Cliff's Announcement and Company Transition

I was thinking about this early this morning as I drove up I 81 from the Loves at Max Meadows to my delivery. Something in this statement from the quarterly statement kept bothering me.

(At June 30, 2012, we were not in compliance with the financial covenants contained in our revolving credit agreement. We have obtained a waiver from our bank group for such non-compliance that is effective through September 30, 2012. Concurrently, we are negotiating a new five-year revolving credit facility with a different lender that will replace our current revolving credit agreement. We anticipate the new facility will afford us improved pricing and significantly greater financial flexibility.)

1. The Waiver has an expiration date of September 30, 2012 about another 7 to 8 weeks away.
2. The company is looking for another lending institution, and they are looking for financial flexibility.

My take on this is their current lender has issued a warning to the company and gave them till this date to get their books in order. It also appears that the relationship with said lender is not a good one at the present because the company is negotiating with another lender. If said negotiations fail the future of the company might be in serious doubt. I guess we will see what happens after September 30th.

 

Ah ha the curse of the broke down truck has finally reached me lol, my original truck 1614 i put 140,000 miles on it only broke down twice one for oil pressure sensor and clutch went out on auto shift, assigned newer truck 1868 was in shop 5 times for various repairs last one being starter went out in Victoria Texas last friday at consignee, assigned to a even newer truck arrived in Dallas last night, dropped load going to Mt Vernon Texas for August 16th delivery out of Laredo on Dallas yard.Took my 10 hour break came back to Dallas yard hooked up to empty truck would not start back up, it got towed to Dallas Freightliner, trying to stay positive but it does start wearing on ya and drastically affects your miles

 

@ thomas seems to be happing to alot of trucks, my first truck was 1957 had it for one week pick up load in VA, heading to lakeland,fl made it to nc, auto clutch went out, icon went offline, a/c compressor froze up, truck wouldnt regen, brake clutch out (abs module), lol Got this neeeww 1911 ;/ she doing ok atm, just been hearing alot of drivers trucks falling to peices here latley.

 

this is the first time i have had a rash of breakdowns in either time i have worked here

 

Two weeks ago yesterday I got into a new Prostar. My old Volvo finally bit the dust in Atlanta, I spent almost a week going through 3 trucks none fit to be put on the road, after the 3rd truck broke down the person at my company that assigns trucks told me she was putting me in this new one. So far so good, thankfully it don't use DEF but it does have that regen system, so far all is working right. Thomas I hope you can get into a good truck and very soon!

 

thanks mine is currently at freightliner in Dallas, called them today they said it appears to be a electrical harness issue with no eta to being fixed

 

My cascadia seems to be having just little annoying electrical problems. Like the trip meter and trip hour meter just reset on their own going down the road and at different times. Sometimes just one and not the other. And my cruise control seems to work on and off lately. Everything else seems to be ok just these little annoying electrical problems. I hope they dont turn into big electrical problems. Good luck thomas, I know you have to be alot better off at the dealer then you would be at a terminal

 

yeah just called them today, the mechanic that looked at it yesterday is off today, and they do not have one to investigate the issue further today,will be tomorrow before they get back on it. 3 days down and counting

 

Despite any financial problems management is having. We all should handle everyday With professionalism. We have a dress code no one follows. Every time I go to a terminal it is trashed. If they enforced these minor things we would have less turn over. The terminal manager should be able to walk around a fire anyone on the spot who is not conducting themselves in an appropriate manner. These are the same individuals who are a virus to our customers.
The training department has improved 100% since I started 2 years ago. I drove around for four weeks with a trainer then messed up a few times on my road test got a pat on the back and a big truck to drive. Now they have a good system. their accidents have dropped off with their new system.
Dispatch and load coordinators always seem like they are in over their heads. I am not an expert on their position but, they are either overworked or under trained, probably both. Roadside has improved in the last year tho.
Financially I do not know what to do to improve their bottom line. Personally, If I act professional, do what I can do to legally deliver my assigned loads on time safely, That will help their bottom line.

 

You can't do anything as a driver to help thier bottom line. I don't know how much of their top line goes to paying down debt but most of the debt load they carry was accumulated under Cliff beckham. He did this thinking things would pick up and revenue would increase. Now that their revenue has gone backward they are in financial straits because of Cliff beckham.