Bloomberg: YRC Back at the Brink?
YRC Worldwide Inc. is back at the brink of bankruptcy, reports Bloomberg Businessweek
YRC Worldwide Inc. is back at the brink of bankruptcy, reports Bloomberg Businessweek.
The article reports that "credit default swaps tied to the company imply an 87% chance of default" and "bonds have lost 50% of their value in six months." The Overland Park, Kan.-based company is set to lose $68.6 million this quarter, its eighth loss in nine quarters.
"We don't have a whole lot of faith that this will work itself out over the near term," David Berge, an analyst at Moody's Investors Service in New York, told Bloomberg. "There's still a fairly high likelihood of them being in a default or distressed situation over the next year, year and a half. They're still burning cash."
The company escaped bankruptcy in 2009 "through a debt exchange with a face value of $470 million."
The Journal of Commerce reported that that YRC's Chief Accounting Officer, Paul F. Liljegren, will leave the company March 23. Liljegren is one of several executives who have left or been eliminated from the company since last year.
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