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Yellow | S&P drops YRC Worldwide’s credit rating to ‘selective default’

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R-14Driver

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YRC Worldwide Inc.bizWatch ’s credit rating has been dropped to selective default after the trucking company wrapped up a financial restructuring that included trading secured debt for equity.

Standard & PoorbizWatch ’s Ratings Services announced the downgrade of Overland Park-based YRC’s (Nasdaq: YRCW) long-term corporate credit rating on Wednesday. The company, which has had scrapes with bankruptcy in recent years, completed its restructuring and announced a new CEO on Friday. This week, YRC said it would conduct a reverse-stock split to cut its growing number of shares....................

S&P drops YRC Worldwide’s credit rating to ‘selective default’ - Kansas City Business Journal


This is also from the same article

...............S&P said it would review YRC’s operating prospects, new capital structure and liquidity to come up with a post-restructuring corporate credit rating.
 
Sandy pope

S&P has rated YRC as a CC rating this is below investment grade or junk. Given current operating trends and cash flow projections we expect YRC to be forced into bankruptcy within 3-4 quarters.
 
"Selective Default", does that mean that they get to pick when they default on their financial obligations?
 
ABFer, it's not when, but who. It means they'll stiff some of the creditors, but not all. If I had to guess, the pension fund might come to mind. They'll go for the easy targets first.
 
Hey why dont you guys give it a rest, at least you have a frigging job, that believe it or not pays decent for todays standards I know it isnt what it used to be but all I hear is BS from this forum if YRC is so bad why dont you get even and just QUIT ! I have never heard such BellyAcking in my life as is here !!! It could be worse you could have been out on the street for over 2 years now with no prospects and no House and no food ect ...!!!
 
Jessie said:
Hey why dont you guys give it a rest, at least you have a frigging job, that believe it or not pays decent for todays standards I know it isnt what it used to be but all I hear is BS from this forum if YRC is so bad why dont you get even and just QUIT ! I have never heard such BellyAcking in my life as is here !!! It could be worse you could have been out on the street for over 2 years now with no prospects and no House and no food ect ...!!!
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Seems to me some of the ones complaining have left YRC or are retired and drawing a pension. I think the biggest bellyachers are just becoming old men and don't realize they have been posting the same thing over and over. We know some of you have wanted YRC to fail for a couple of years now. Maybe they will but some of you need to come up with some new material cause when we see your avitar it's just the same old thing again.
 
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Jessie said:
Hey why dont you guys give it a rest, at least you have a frigging job, that believe it or not pays decent for todays standards I know it isnt what it used to be but all I hear is BS from this forum if YRC is so bad why dont you get even and just QUIT ! I have never heard such BellyAcking in my life as is here !!! It could be worse you could have been out on the street for over 2 years now with no prospects and no House and no food ect ...!!!
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We are TEAMSTERS, We do not QUIT, we will fight for a better life.
 
Jessie said:
Hey why dont you guys give it a rest, at least you have a frigging job, that believe it or not pays decent for todays standards I know it isnt what it used to be but all I hear is BS from this forum if YRC is so bad why dont you get even and just QUIT ! I have never heard such BellyAcking in my life as is here !!! It could be worse you could have been out on the street for over 2 years now with no prospects and no House and no food ect ...!!!
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we could feed some of you turd sandwiches and you would say ... the breads not too stail
 
Jessie said:
Hey why dont you guys give it a rest, at least you have a frigging job, that believe it or not pays decent for todays standards I know it isnt what it used to be but all I hear is BS from this forum if YRC is so bad why dont you get even and just QUIT ! I have never heard such BellyAcking in my life as is here !!! It could be worse you could have been out on the street for over 2 years now with no prospects and no House and no food ect ...!!!
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Why don't you tell that to S&P, it's their rating story.
 
truckinus said:
Doesn't selective default mean they can pick and choose which bills to pay? I think I want to skip my rent.
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The rating has nothing to do with the day to day operation of the company . Think of this just like your credit rating . Plus as the article says they are going to reevaluate the credit rating after the restructuring is totally completed .
 
mud said:
Seems to me some of the ones complaining have left YRC or are retired and drawing a pension. I think the biggest bellyachers are just becoming old men and don't realize they have been posting the same thing over and over. We know some of you have wanted YRC to fail for a couple of years now. Maybe they will but some of you need to come up with some new material cause when we see your avitar it's just the same old thing again.
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It's not that I want them to fail, many good people work there. It is that they daily disprove the laws of gravity!?!?!?
 
R-14Driver said:
The rating has nothing to do with the day to day operation of the company . Think of this just like your credit rating . Plus as the article says they are going to reevaluate the credit rating after the restructuring is totally completed .
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it has everything to do with extended day to day operations because a high interest rate on an enormous debt will eat up profits making it near impossible for long term success.
 
Jessie said:
Hey why dont you guys give it a rest, at least you have a frigging job, that believe it or not pays decent for todays standards I know it isnt what it used to be but all I hear is BS from this forum if YRC is so bad why dont you get even and just QUIT ! I have never heard such BellyAcking in my life as is here !!! It could be worse you could have been out on the street for over 2 years now with no prospects and no House and no food ect ...!!!
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If the unhappy workers just quit and went elsewhere there would be no unions, just a lot of people working themselves to death for substandard wages.
 
SuperCourse said:
ABFer, it's not when, but who. It means they'll stiff some of the creditors, but not all. If I had to guess, the pension fund might come to mind. They'll go for the easy targets first.
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AAAAA now I see. They can stick their tire company and all he can do is make their already terrible credit rating worse.
 
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