Analyst Says YRC Equity Swap Imperiled

Discussion in 'YRC' started by rookietrucker, Dec 3, 2009.

Dec 3, 2009 #1

rookietrucker Trucker Forum STAFF Staff Member

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Analyst Says YRC Equity Swap Imperiled

Baird's Langenfeld calls company's recovery scenario 'overly aggressive'

A Wall Street transportation analyst said market conditions are throwing serious doubt on whether YRC Worldwides proposed debt-for-equity exchange can win a vote by bondholders Dec. 8, forcing the trucking giant to adjust its terms.

Current bond prices imply an overly aggressive profit recovery scenario for YRCW, which suggests that 95 percent of bondholders will not support the debt-for-equity swap, said Jon A. Langenfeld of investment management firm R.W. Baird & Co.

Even if YRC Worldwide doesn't get 95 percent of its bondholders to sign on by its Dec. 8 deadline, it wont be the end of the road for the exchange or the company as it struggles to avoid filing for bankruptcy protection.

more here>> Analyst Says YRC Equity Swap Imperiled

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rookietrucker, Dec 3, 2009

rookietrucker, Dec 3, 2009

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