YRC Looking to Wall Street for Dollars to Help Pay Debt
December 03, 2013
YRC hopes to raise nearly $29 million by selling 3 million shares of stock. Photo by Evan Lockridge
The financially troubled parent company to several fleets, YRC Worldwide, is looking to investors to help it pay off some debt, according to the Journal of Commerce.
It hopes to raise nearly $29 million by selling 3 million shares of stock to help repay part of more than $69 million that is due in mid-February.
The move comes as the company is working to hammer out a new long-term labor contract with Teamster Union employees, in order to get other financing.
More details are available from the Journal of Commerce.