YRC Worldwide Inc. (YRCW) proposed revising the terms of its debt-for-equity and extended it again as it struggles to ward off bankruptcy.

The trucking company is seeking to cut the minimum tender amount to 70% for notes due next year and 85% for two other series of notes. The current acceptance level is 95% and the company said Wednesday that the figure was at 75%.

YRC said Thursday it needs lenders' holding commitments of at least two-thirds under a credit agreement to approve the revision, and announced it has reached a tentative agreement in principal with a steering committee representing more than 67% of the commitments. Changes to the current credit deal would be made in exchange for the approval.

The company is aiming to consummate the debt-swap by Dec. 31, which will allow it to defer about $19 million in interest and fees. YRC said that if it were obliged to make the payment and didn't have access to a credit revolver reserve the company's "liquidity position would become unsustainable."

Shares were up 2 cents premarket to $1.03. The stock was above $3 before details of the highly dilutive debt-for-equity exchange were released last month. Under the deal, bondholders would get a 95% stake in YRC for tendering the notes, which carry an aggregate face value of $536.8 million. The debt would be erased from YRC's books, and the company also would gain access to new liquidity to continue its restructuring and help it weather the downturn.

-By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes [at] dowjones.com;