Reuters: Trucker YRC says critical debt exchange succeeds

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.

Click here to read the full article from Reuters.

Get Advice Join TDU Donate

Recent News

Sign the Petition: Extend COVID Paid Leave at UPS

Growing numbers of UPS Teamsters are having to quarantine without pay, because they have reached the 10-day cap on COVID pay. Sign the petition to tell UPS not to cap COVID paid leave when we need it most. 

 

9.5 Lists Will Automatically Renew on January 16

Because of the COVID pandemic and social distancing requirements, UPS and the International Union have agreed to renew the 9.5 list that was in effect until November 15 when 9.5 rules go back into effect on January 16.

View More News Posts