Kamis, 31 Desember 2009

YRCW: An Interview with CEO Bill Zollars

Trucking logistics firm YRC Worldwide’s CEO Bill Zollars called this morning to talk about the company’s announcement it achieved sufficient buy-in for a debt-for-equity swap meant to keep the company out of bankruptcy.Sounding reserved and somewhat fatigued, Mr. Zollars emphasized the company’s in “much better shape” and that much remains in the hands of the new company owners, the bond holders

YRC Worldwide Successfully Reaches Thresholds in Its Debt-for-Equity Exchange Offers

--88% of Notes Tendered for New Equity--Company Achieves Major Milestone in Its Comprehensive PlanYRC Worldwide Inc. announced today that it was successful with its previously announced debt-for-equity exchange offers having received tenders for approximately $470 million in par value, representing approximately 88% of the company's outstanding notes, including $105 million, or 70%, of its 8 1/2%

Rabu, 30 Desember 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

YRCW: This Cat’s Got More Lives

Beleaguered transportation logistics firm YRC Worldwide, despite appearing to be on the ropes with its proposed debt-for-equity swap, and facing a possible bankruptcy, could still come out okay, according to a couple of analysts following the company.David Silver of Wall Street Strategies and Lee Klaskow of Longbow Research both think the company will come up with a way to secure the support of

Analyst Says YRC Could Close Doors This Weekend

An analyst said Wednesday that YRC Worldwide Inc., one of the nation's largest trucking companies, could file for bankruptcy and close its doors as early as this weekend despite its effort to complete a critical debt-to-exchange offer.YRC, based in Overland Park, Kan., extended its offer to bondholders for the sixth time. It now expires midnight Wednesday. The offer is considered a last resort

Teamsters Cancel Protest as Bondholders Reveal Positions

Union Promises to Monitor, Pressure Bondholders to Protect 30,000 JobsThe Teamsters Union announced that it will postpone a protest planned today at the headquarters of Brigade Capital Management in New York after conversations with Brigade that the hedge fund does not currently own any YRC Worldwide Inc. bonds. In addition, UBS has indicated they have tendered their bonds in the exchange.The

National trucking sector seeing some recovery

If the national trucking industry is the bellwether for the national economy, then Bob Costello’s expectation of “moderate growth” in the trucking sector are welcome words.The American Trucking Associations’ advance seasonally adjusted (SA) For-Hire Truck Tonnage Index increased 2.7% in November, following a 0.2% contraction in October. The latest gain boosted the index from 103.6 (2000 = 100) in

TEAMSTERS PLAN PROTEST, CALL ON YRC BOND EXCHANGE HOLDOUTS TO CONVERT

Handful of Bondholders Jeopardizing Tens of Thousands of JobsThe Teamsters Union is calling on the small number of bondholders that are standing in the way of YRC Worldwide Inc.’s financial restructuring to take part in debt-to-equity exchange.The union believes that hedge funds Brigade Capital Management and JMB Capital Partners, and banks including UBS, Barclays and TD Bank, hold positions and

Selasa, 29 Desember 2009

YRC Worldwide Extends Debt-for-Equity Offers to December 29

81% of Notes Tendered to DateYRC Worldwide Inc. announced today that it has extended the expiration date for its previously announced exchange offers until 11:59 p.m., New York City time, on December 29, 2009, unless further extended.As of 11:59 p.m., New York City time, on December 28, 2009, 92% of the aggregate principal amount of the 5.0% and 3.375% Notes and 53% of the 8 1/2% Notes had been

Senin, 28 Desember 2009

One truckstop waitress can be worth a whole herd of Wall Street analysts

A little more than two years ago I wrote a column here (in Hebrew) called "Things you see from the driver's seat." It dealt with remarks by William Zollars, the chairman and CEO of a transportation company called YRC Worldwide. That was at the beginning of the credit crisis, long before the economic crash of late 2008. All of the captains of the U.S. economy at the time, including Treasury

UPS trucker is Roadshow's Dream Driver for 2009

Thirty years ago at his high school in Scotts Valley, Dan Casas picked a bad day to go hot-rodding out of the parking lot in his 1968 Mustang, spinning dirt everywhere. His father, a CHP officer, happened to be driving up, and Dan was busted big-time.His car keys were taken away for 30 days. Even worse, his mother drove him to school in a pink Chevy, honking her horn in the drop-off spot to

Kamis, 24 Desember 2009

YRC Worldwide Announced It Extended The Expiration Date For Exchange Offers

YRC Worldwide Inc. announced that it has extended the expiration data for its previously announced exchange offers until 11:59 PM ET on December 28. 2009. As of 5:00 PM on December 23, 2009, 53% of the 8 1/2 % Notes and 90% of the aggregate principal amount of the 5.0% and 3.375% Notes had been tendered into the exchange offers, which represents 80% of the company's outstanding notes.The company

Senin, 21 Desember 2009

YRC Worldwide Gets Approvals for Debt-for-Equity Offers

- SEC Declares Registration Statement Effective- Required Lenders Approve Bank Amendments- Company Obtains Pension Fund ConsentsYRC Worldwide Inc. announced today that it has satisfied certain requirements related to its previously announced debt-for-equity exchange offers. The company said that its Registration Statement on Form S-4, as amended, has been declared effective by the Securities and

Sabtu, 19 Desember 2009

Teamsters plead YRC’s case to reticent bondholders

YRC Worldwide Inc.’s union, whose members have forfeited about $2 billion in compensation to help keep the company afloat, is trying to persuade reticent bondholders to agree to a debt-for-equity swap that’s key in helping YRC avoid bankruptcy.The head of the International Brotherhood of Teamsters, which has about 40,000 workers employed by YRC, on Wednesday sent a letter to the CEO of financial