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The debt-for-equity swap retired $470 million in debt and transferred ownership of the company to its bondholders, triggering long-term lending and labor agreements.
Regaining business shippers shifted to other less-than-truckload carriers and adding new volume is now critical for the company's plans to reverse its fortunes in 2010.
YRC is heralding the success of its debt swap in online advertising with The Wall Street Journal and The New York Times, stressing the importance of its survival to shippers.
The ads took the form of a letter to customers from YRC Worldwide Chairman and CEO William D. Zollars thanking them for their business and extolling YRC's employees.
The company is offering shippers that tender multiple shipments $50 off their next 10 less-than-truckload shipments worth $150 or more.
Shippers attach $50 discount coupons to the "special instructions" section of their bills of lading to receive the special promotional discount.
YRC Takes Fight for Shippers to News Media | Journal of Commerce