Today, YRCW held a special meeting of its shareholders to approve the final step in its restructuring. When the restructuring transaction closed on July 22, 2011, it required a merger of corporate entities in the fall to complete the restructuring. In the shareholder vote, 99 percent of all shares voted to approve the merger.
In concert with this approval, all preferred shares issued in connection with the restructuring transaction will convert to common equity. Teamster YRCW members receiving stock allocations to their 401(k) accounts set up in conjunction with the transaction should expect shares to be distributed to their accounts on or before September 30, 2011.
To be clear, today’s developments do not affect the daily operations of YRCW but are a step forward in moving beyond the completed restructuring.
For more information, link to YRC’s 8K filed today with the SEC.