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-- Company completes all major milestones of plan announced April 29
OVERLAND PARK, Kan., July 22, 2011 /PRNewswire/ -- YRC Worldwide Inc. (Nasdaq: YRCW) announced today it has successfully closed the financial restructuring plan announced April 29, completing the last remaining milestones.
YRC Worldwide has:
Issued new convertible notes for the infusion of $100 million in new capital.
Increased liquidity by replacing the company's existing asset-backed securitization (ABS) facility with a new three-year, $400 million asset-based loan (ABL) facility. Commitments for the new ABL were announced earlier this month.
Exchanged a portion of the company's loans and other obligations for new securities, including equity. As a result, the company's shareholders at the time of the exchange will be reduced to holding approximately 2.5 percent of the company's outstanding stock and will be subject to further dilution by a proposed management incentive plan and the conversion of new convertible notes. .................
YRC Worldwide Achieves Success With Financial Restructuring Plan (NASDAQ:YRCW)
OVERLAND PARK, Kan., July 22, 2011 /PRNewswire/ -- YRC Worldwide Inc. (Nasdaq: YRCW) announced today it has successfully closed the financial restructuring plan announced April 29, completing the last remaining milestones.
YRC Worldwide has:
Issued new convertible notes for the infusion of $100 million in new capital.
Increased liquidity by replacing the company's existing asset-backed securitization (ABS) facility with a new three-year, $400 million asset-based loan (ABL) facility. Commitments for the new ABL were announced earlier this month.
Exchanged a portion of the company's loans and other obligations for new securities, including equity. As a result, the company's shareholders at the time of the exchange will be reduced to holding approximately 2.5 percent of the company's outstanding stock and will be subject to further dilution by a proposed management incentive plan and the conversion of new convertible notes. .................
YRC Worldwide Achieves Success With Financial Restructuring Plan (NASDAQ:YRCW)