Sunday, November 01, 2009

YRC in debt exchange talks

* 95 pct of bondholders needed to convert

* Ratings downgrades follow announcement

* Shares end down 10 percent (Adds byline, updates with ratings agency comment,)

YRC Worldwide Inc is well on the road to regaining its financial footing as it negotiates with bondholders for a debt exchange, company officials said on Friday.

YRC wants to exchange its outstanding USF 8-1/2 percent notes and its contingent convertible notes and is currently negotiating the terms of such an exchange with a committee of its noteholders, with the goal of having a deal by the end of the year, YRC Chairman Bill Zollars said on Friday. Full Story.....

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