Reuters: YRC Extends Bondholder Deadline, Shares Surge

December 16, 2009: U.S. trucking giant YRC Worldwide (YRCW.O) still has not been able to secure a critical debt-for-equity exchange with bondholders, but is extending the deadline for bondholder approval of the exchange as it works with lenders to keep the company liquid.

Investors responded to news of the extension by pushing shares up more than 20 percent on Wednesday, heartened in part by the extent of the company's restructuring efforts and the apparent willingness of lenders to offer leniency.

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