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YRC: Bankruptcy Averted at Last Minute
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by Jordan Yerman | December 31, 2009 at 08:24 am
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YRC Worldwide (YRCW), the trucking company facing imminent bankruptcy, was able to pull off a debt-for-equity swap. Now YRC will be able to defer its massive debt and live to ship again another day, unlike rival Arrow Trucking, which closed up shop unannounced.
According to YRC CEO Bill Zollars, YRC Worldwide now has a more solid foundation to keep doing business into the future.
The largest independent less-than-truckload carrier, which said it "will be open for business as usual on Monday" was trying to complete the exchange in time to make a New Year's debt payment and defer $19 million in interest and fees, a move the company has deemed crucial to its liquidity. YRC on Thursday said it expects to defer additional lender interest and fees of $20 million to $25 million per quarter next year, depending on how much it uses its credit facilities.
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Scott Eissner (not verified)
Most RecentMost Recommended Comments (6)
at 10:15 on December 31st, 2009
Lets see what Zollars does now....He took 2 hug successful companies and nearly put them out of business today.....How long will the board of directors put up with his management style...
at 13:19 on December 31st, 2009
Fuck Zollers
at 07:52 on January 2nd, 2010
kiss my ass you lazey union fucks
at 14:08 on January 2nd, 2010
Let the beast die all this saving of a co. that is worth as much as the union it works under is stupid little hoffa get a real job and quit living on a legacy that died along time ago yrc dies the brotherhood dies your member dues dies and so does your salary
at 02:08 on January 5th, 2010
I want to reply to that ignorant littleguy. I worked for Yellow for five years, gave not just 100% everyday but 120% everyday. Driving truck is one of the most dangerous jobs out there and most commercial drivers dont get paid or treated how they should. The comment "kiss my ass you lazey fucks" is one of the most ignorant statements you can make. Watch what happens when you the worker have no say in how you are treated and worked. When Jimmy Hoffa started the Teamsters Union, company's would hire thugs to kill you and your familys if it meant they could make an extra buck off your blood sweat and tears. And in the last century not much has changed. All the people at YRC, Company and Teamsters allike have given back to the company as much as they can to keep the last of the Teamster Truckers on the road. We earn our pay in the second oldest profession in the world. I pray that YRC survives. God bless America!
at 14:00 on January 10th, 2010
I work for YRC and feel that $Bill is running this company into the ground. I hope he ends up like the first Jimmy Hoffa-in a massive block of cement. THanks Bill for taking money out of my pocket and food from my two kids.