Wednesday, February 17, 2010

YRC shareholders approve stock deal

Clears way for $70 million private placement

Newly issued stock eligible for the Nasdaq exchange

Stock plunges about 29 pct

YRC Worldwide said on Wednesday that shareholders had agreed to a series of measures aimed at giving former debt holders equity control and helping the troubled U.S. trucking giant regain its financial footing.

The approvals, the latest moves in a broad financial restructuring by YRC, should nearly clear the path for it to focus on rebuilding its business, YRC Chairman Bill Zollars said in an interview with Reuters.

"This was kind of the final piece in the puzzle," Zollars said. "We're now accumulating enough positive news here, I think we'll reach a tipping point with customers with which we'll see an increase in momentum of them coming back." Full Story....

No comments: