Online ads stress importance of YRC to 'competitive rates'
YRC Worldwide is engaging its competitors -- and the media -- in a fierce battle for freight and customer confidence after squelching fears of a near-term bankruptcy.
Fresh from its successful debt-for-equity swap Dec. 31, YRC Worldwide is taking its message to shippers through advertising and marketing aimed at building volume.
It's the latest attempt by the nation's largest trucker to recapture business lost over the past three years, which saw YRC Worldwide rack up more than $2 billion in losses.
The debt-for-equity swap retired $470 million in debt and transferred ownership of the company to its bondholders, triggering long-term lending and labor agreements.
With the exchange, YRC steered clear of a potential bankruptcy reorganization, with enough liquidity and reserves to roll into 2010, and fierce LTL competition.
From 2006 through 2008 YRC Worldwide's revenue shrank from $9.9 billion to $8.3 billion, and it's expected to post about $6 billion in revenue in its 2009 results.
Regaining business shippers shifted to other less-than-truckload carriers and adding new volume is now critical for the company's plans to reverse its fortunes in 2010.
YRC is heralding the success of its debt swap in online advertising with The Wall Street Journal and The New York Times, stressing the importance of its survival to shippers. Full Story....