Another Leash on Life for YRC Worldwide - Page 2 - Truckers' Trucking Forum

usedtire · **^ Top** #11 4 Weeks Ago

Only time will tell,but Ive seen this before aka CF,Jevic,red star,APA.They all run out of cash in the end.Guess who own jevic an year before it shut down?Yellow sold it,I see them dieing slowly ,everybody cutting rates to put them out.Iam hearing fed ex salespeople are going in to YRC customers and telling them they will haul there stuff for FREE for the next 2 months! Just think about it,what happen when GM got over 2 billion dollars in bail money?They went under away.

Hardlyevr · **^ Top** #12 1 Week Ago

YRC hopes its debt for equity exchange offer will get the transportation giant back on track.

Quote:

11/11/2009 YRC Tries Exchange Offer to Avoid Bankruptcy

In its latest effort to secure its financial strength, YRC Worldwide has launched an exchange program to unload debt instruments in exchange for the company's common stock and new Class A Convertible Preferred Stock.

Through the transaction, the less-than-truckload carrier would trade about $536.8 million in debt for about 95 percent of its equity. The effort, if successful, would put the company in a more solid financial position by improving its capital structure, decreasing its cash interest expense and enhancing its near-term liquidity, YRC said in a statement.

The move, "in concert with other steps taken over the recent past to improve its operations and cost structure, will make it more competitive and position it to take advantage of any upturn in the economy," the company said.

The company has set a Dec. 7 deadline on the offer. If the exchange offer does not address the company's needs, the company would first try to amend the exchange offer, according to the Kansas City Business Journal. If the plan still isn't working, the company said it would seek relief under the U.S. Bankruptcy Code, according to a Securities and Exchange Commission filing.

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