Wednesday, December 30, 2009

YRC: We'll be open for business Monday

YRC Worldwide Inc. is trying to assuage the concerns of customers, employees and shareholders as time is running out on the company’s plan to exchange some of its debt for stock in a bid to stave off bankruptcy.

The Overland Park, Kan.-based company said Wednesday that it “will be open for business as usual on Monday” after an analyst said the company could cease operating after Jan. 1 if it fails to persuade a required percentage of bondholders to hand over as much as $537 million in YRC debt for a majority stake of its common shares.

David Ross, with Stifel Nicolaus & Co., said in a research note that YRC must pay $19 million in interest and fees Thursday but has yet to get open access to a $106 million credit line. Full Story.......

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