YRC Worldwide will hold a special stockholders meeting on Feb. 17 to solidify details of its $470 million debt-for-equity swap, which was approved Dec. 31

, according to reports by the Akron Beacon Journal.

The Overland Park, Kan.-based company received tenders for approximately $470 million in par value, representing approximately 88 percent of the company's outstanding notes, before the Dec. 31 deadline.

In return, noteholders will get 37 million shares of YRC common stock and 4.346 million of Class A convertible preferred stock, which together on a converted basis, will represent 94 percent of YRC total issued and outstanding common shares.

In Securities and Exchange Commission filings, the less-than-truckload giant outlines what will be discussed at the shareholders meeting, including a vote on amendments to the certificate of incorporation. The company is asking shareholders to reduce the par value of its common stock, increase the amount of authorized shares of its common stock, and to effect a reverse stock split and proportionately reduce the number of authorized shares of common stock.

"The successful debt-for-equity exchange was an important part of our comprehensive strategic plan to reduce our cost structure and improve our operating results, cash flows from operations, liquidity and financial condition," the company said in a letter to shareholders.

If YRC does not get the vote on the reverse stock split and reduction in the number of authorized shares, the company's stock price per share would likely fall below the Nasdaq's thresholds, which would get YRC delisted from the Nasdaq.

In the proxy statement, YRC said it must pay back $30 million of its $45 million in outstanding debt by March 1. If this debt is not paid by the deadline, the company's lenders may accelerate their obligations under the credit agreement. The remaining $15 million in debt is set to mature on April 15.