Yellow | YRC gets other parties to agree to debt-swap terms

[Irishman107]

YRC gets other parties to agree to debt-swap terms
As it awaits approval from bondholders on a crucial debt-for-equity swap, YRC Worldwide Inc. said it has received the required consent from other parties.

YRC, the Overland Park trucking company trying to restructure outside bankruptcy, said the Securities and Exchange Commission has approved its amended registration statement on the exchange offer.

In addition, YRC's banking group gave final approval to the revised terms of its credit agreement in relation to the debt-for-equity swap.

Finally, YRC's multi-employer Teamsters pension funds also approved the revisions to the offer, which was amended last week
YRC gets other parties to agree to debt-swap terms | Dollars & Sense

Seems alot of people mistook the original press release to mean the Bond deal was done. As of right now there is no word on Bond exchange..

 

[newpenn107]

It proves yet again wthat what we vote on doesn't matter. If they don't like how we vote then its a revote. If the vote passes , then what we voted on means nothin either!
For those of you that don't know what I mean, here it is....When we voted on the last 5% pay cut and pension suspension it was contingent upon YRC getting rid of the 500+ million in bonds. YRC will not get all of the bonds swapped. So is the union now saying its ok? Even though we voted on all of the 500+ million being extinguished???