PRESS DIGEST- British Business - Dec 5
Dec 5 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
Feb 13 Struggling trucking company YRC Worldwide Inc said it refinanced debt of $1.1 billion, completing a restructuring it began nearly three years ago.
The company closed a $300 million debt reduction plan in January after the Teamsters Union agreed to a revised labor contract.
An earlier rejection by the union had put the restructuring plan in jeopardy ahead of the first debt repayment of $69.4 million due on Feb. 15.
YRC, which had debt of about $1.36 billion, on Thursday completed the refinancing with a new $700 million medium-term loan and a $450 million asset-based loan.
The company said the refinancing extends the tenure to 2019 and would provide interest savings of about $40 to $50 million annually.
YRC's shares rose 1.5 percent in extended trading. They closed at $20.95 on the Nasdaq.
NEW YORK, Dec 4 U.S. Treasury futures prices rose on Sunday after Italian voters were seen rejecting a change to the country's constitution, which was designed to hasten the legislative process.
ROME, Dec 5 Italian Prime Minister Matteo Renzi vowed to resign after suffering a crushing defeat on Sunday in a referendum on constitutional reform, tipping the euzo zone's third-largest economy into political turmoil.