Key Developments For YRC Worldwide Inc.
YRC Worldwide Inc. (YRCW.O) (Nasdaq)
Greatwide Logistics Services Acquires YRC Worldwide Inc.'s YRC Logistics Contract Carriage Business
Greatwide Logistics Services, a national provider of third-party logistics services, announced the acquisition of the contracts, personnel and equipment of the Dedicated Contract Carriage division of YRC Logistics, a subsidiary of YRC Worldwide Inc. The business will be integrated under the Greatwide Logistics Services brand immediately. Greatwide will acquire all of the customer contracts from Dedicated Contract Carriage, which include customers in the grocery, steel and auto industries, located in 29 operating locations throughout the country.
YRC Worldwide Inc. Shares Sink After Debt Exchange-AP
The Associated Press reported that shares of YRC Worldwide Inc. fell sharply as the Company launched a debt exchange offer that could drastically reduce current shareholders' stakes. The move is part of Overland Park, Kan. The Company's effort to get access to cash and avoid a bankruptcy filing, which has been rumored for months. It has struggled to integrate two of it units and suffered through a falloff in freight demand amid the recession. The Company intends to launch an exchange offer of $536.8 million in notes for common and preferred stock equal to 95% of its common shares.
YRC Worldwide Inc. Says Cutting 900 Non Union Jobs-Reuters
Reuters reported that YRC Worldwide Inc. said it is cutting about 900 non union jobs in what could be the final round of layoffs in the Company's financial restructuring. The job cuts will be completed in the fourth quarter and should save the Company between $15 million and $20 million, according to company officials.
YRC Worldwide Inc. And Its Lenders Agree To Extend Provisions Under Credit Facilities
YRC Worldwide Inc. announced that it has finalized amendments of its credit facilities that extend to October 30, 2009 certain provisions under the previous amendments. Specifically, the amendments extend the expiration of the revolver reserve amount, the suspension of the minimum liquidity covenant, and the due date for the asset backed securitization commitment fee of $10 million.
YRC Worldwide Inc. Announces Chief Financial Officer Change-Form 8-K
YRC Worldwide Inc. reported in its Form 8-K that effective immediately Timothy A. Wicks, formerly Executive Vice President and Chief Financial Officer, was appointed Executive Vice President and Chief Operating Officer of the Company and Sheila K. Taylor, formerly Vice President, Investor Relations and Treasurer, was appointed Executive Vice President and Chief Financial Officer of the Company.
