We believe that our results of operations and available funds pursuant to our ABL Facility will provide sufficient liquidity to fund our operations and meet our covenants for the foreseeable future, including the next twelve months.
Our ability to satisfy our liquidity needs beyond 2013 is dependent on a number of factors, some of which are outside of our control. These factors include:
•
we must continue to achieve improvements in our operating results which rely upon pricing and shipping volumes;
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we must continue to comply with covenants and other terms of our credit facilities so as to have access to the borrowings available to us under them;
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we must secure suitable lease financing arrangements for deferred replacement of revenue equipment;
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we must continue to implement and realize cost saving measures to match our costs with business levels in a manner that does not harm operations and our productivity and efficiency initiatives must be successful;
•
we must be able to generate operating cash flows that are sufficient to meet the minimum cash balance requirement under our credit facilities, cash requirements for pension contributions to our single and multi employer pension funds, cash interest and principal payments on our funded debt, payments on our equipment leases, letter of credit fees under our credit facilities and for capital expenditures or additional lease payments for new revenue equipment; and
•
we must restructure or refinance our debt obligations prior to scheduled maturities in 2014 and 2015.
Not really coinciding with what hardasset is saying about "debt-for-equity conversions coming up in a few more months"
