YRC Announces Further Extension of Swap Program
YRC Worldwide has extended the deadline on its debt-for-equity swap for the fifth time, giving potential bondholders until 11:59 p.m. Eastern time on Dec. 28 to participate
YRC had tendered 80 percent of its outstanding notes as of Dec. 23.
YRC Worldwide has extended the deadline on its debt-for-equity swap for the fifth time, giving potential bondholders until 11:59 p.m. Eastern time on Dec. 28 to participate.
As of Dec. 23, the company had tendered 80 percent of its outstanding notes, which includes 53 percent of one series and 90 percent of the aggregate principal of two other series of notes.
If successful, the less-than-truckload giant would offload about $536.8 million in debt in exchange for about 95 percent of its equity.
The company must complete the swap by Dec. 31 to pay off $19 million in interest due, or its "liquidity position would become unsustainable," the company said.
The carrier can only draw on $50 million from its revolver reserve, not the full $106 million. If the company completes the exchange by Dec. 31, the $19 million would be deferred.
In a statement, the company said it "continues to work with its noteholders through this holiday period to increase the level of support for this recapitalization, which is a key part of the comprehensive plan the company is implementing to place it on a more solid financial base."
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