Heavy Duty Trucking Logo
MenuMENU
SearchSEARCH

YRC Completes Restructuring

Shareholders of YRC Wordwide Friday voted overwhelmingly in favor of its restructuring

by Staff
September 18, 2011
YRC Completes Restructuring

 

2 min to read


Shareholders of YRC Wordwide Friday voted overwhelmingly in favor of its restructuring.



An internal merger agreement combined YRC Worldwide and its recently created YRC Merger Sub subsidiary, with YRC Worldwide as the surviving company. The merger was the final stage in the $500 million restructuring, which was approved by YRC, the Teamsters and its lending group in July.

The deal resulted in the release of hundreds of millions of shares of common stock. YRC Worldwide's banking group will own about 72.5 percent of the company's stock, and its Teamsters employees 25 percent.

Existing shareholder equity was practically wiped out, with those shareholders now holding only about 2.5 percent of YRC Worldwide's stock. YRC stock prices dropped more than 65% on Friday. Shares fell as low as 7 cents on Friday, down from a Thursday close at 30.7 cents, reported Reuters.

Interim Chief Financial Officer Jamie Pierson told The Wall Street Journal in an interview that YRC likely will enact a reverse stock split in late November or early December to reduce the share count. However, that won't affect the dilution to existing shareholders that resulted from Friday's action.

YRC received a new notice last week from the Nasdaq Stock Market that it faces delisting because its shares have traded below $1 for more than 30 consecutive days.

The Kansas City Star reports that YRC CEO James Welch, who's been on the job for eight weeks, told reporters that on-time delivery rates, which had suffered during the company's struggle to survive the recession loaded down with debt from major acquisitions, have improved "faster than he had thought possible."

Welch, the paper reports, said part of the recovery plan involves restoring the employee culture that Roadway and Yellow each had but had not maintained as a combined YRC Worldwide.


More Drivers

Two men in jackets with Homeland Security indicated on the back, standing in a parking lot looking toward a building with trucks in front of it
Driversby Deborah LockridgeSeptember 1, 2026

FMCSA Removes 110 Truck Driver Training Schools from Certified ELDT List

Federal regulators also are targeting more than 160 additional training providers and launching a nationwide audit of third-party CDL skills testers as part of a broader crackdown on trucking fraud.

Read More →
Illustration of tired truck driver, electronic logging device, and traffic congestion

Hours of Service Pilot Programs: FMCSA Readies for 2027 Rollout

Two pilot programs could eventually reshape hours-of-service rules, giving truck drivers options to pause their 14-hour clock or use longer split sleeper rest periods.

Read More →
Illustration with safety cones in background, Roadcheck logo, cargo tiedowns, and officer checking driver logs
Safety & Complianceby Deborah LockridgeAugust 26, 2026

Medical Cards, English Proficiency Reshape Roadcheck Violations

Medical-card violations jumped to the top of the driver out-of-service list during CVSA’s 2026 International Roadcheck, while English-language proficiency violations appeared among the leading violations for the first time.

Read More →
Ad Loading...
Illustration of data privacy, big brother concept, and truck driver behind the wheel
Safety & Complianceby Deborah LockridgeAugust 17, 2026

Driver Trust Can Make or Break the Success of Fleet Safety Technology

New Teletrac Navman research suggests that onboarding, transparency about driver data, and positive feedback can play a significant role in how commercial drivers respond to safety and coaching technology.

Read More →
Illustration incorporating a gavel, the back of a driver training trailer, and art showing a blue female shape standing out in a row of male shapes.
Driversby StaffAugust 11, 2026

EEOC Sues KLLM Over Alleged Sex Discrimination in Driver Training

KLLM is facing a federal sex-discrimination lawsuit over policies the EEOC alleges put female truck driver trainees at a disadvantage.

Read More →
Safety & Complianceby Deborah LockridgeAugust 10, 2026

FMCSA Moves to Codify English Language Requirements for Commercial Drivers

By changing regulations on English-language proficiency requirements for commercial drivers, rather than relying on a guidance memo, the FMCSA said future administrations won't be able to walk back the Trump administration's stricter enforcement with just a memo.

Read More →
Ad Loading...
YouTube thumbnail showing two Western Star trucks with the text "Behind the Experience: Western Star Star Nation"
Equipmentby Lauren FletcherAugust 3, 2026

Drivers Put Western Star Trucks to the Test at Star Nation Experience

Watch to get an inside look at the Western Star trucks, technology, and community behind the Star Nation Experience 2026!

Read More →
American flag in background with photos of military truck and Freedom Haulers ad graphic
Driversby Deborah LockridgeJuly 30, 2026

Trump Administration Looks to Put More Veterans Behind the Wheel

The Freedom Haulers program pulls together existing and expanded programs at several federal agencies to recruit veterans to drive commercial heavy-duty trucks and cut the red tape for them to get a CDL, training, and employment.

Read More →
Equipmentby Jim ParkJuly 30, 2026

Putting Mack’s Command Steer to the Test

A test drive of Mack’s Command Steer active steering system evaluates how it can make truck driving easier and less tiring.

Read More →
Ad Loading...
Truck driver behind the wheel with illustration overlaid of someone handing out cash
Driversby Deborah LockridgeJuly 28, 2026

Competition Heating Up for Truck Drivers

New report reveals rising driver hiring costs, the return of sign-on bonuses, growing AI advantages, and the operational factors shaping driver retention.

Read More →