Monday, October 26, 2009

YRC Worldwide: Pump Up the Volume

YRC Worldwide shares surged Monday on a pickup in volume after reports the trucking giant landed a long-term financing agreement.

YRC Worldwide shares jumped shortly before noon EDT after attributed the strength to reports of a long-term financing agreement that will alleviate the transportation company's liquidity needs. In recent months, the company has struggled while trying to stave off bankruptcy, resorting to massive job cuts and selling real estate.

Earlier this month, YRC Worldwide said its lenders had agreed to extend certain provisions under certain credit facilities until Oct. 30. "By extending the revolver reserve, we retain the flexibility needed to reach an agreement with the lenders that will fully support our comprehensive plan," Bill Zollars, YRC Worldwide's chairman and CEO, said in a statement on Oct. 12. Full Story.......

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