December 31, 2009: U.S. trucking giant YRC Worldwide (YRCW.O) said on Thursday it averted bankruptcy by successfully negotiating a critical debt-for-equity exchange that wipes out $470 million in debt and gives the struggling company access to needed credit as it restructures.

The company said holders of 88 percent of the company's outstanding notes had agreed to the swap, including 70 percent of YRC's 8-1/2 percent notes. It was that group of noteholders who had been holding up the exchange, and who have been publicly pressured in recent days by the company's union to agree to the deal.

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