Yellow | New News : YRC Worldwide Confirms Progress on Restructuring Efforts

OVERLAND PARK, Kan., April 22, 2011 /PRNewswire/ -- YRC Worldwide Inc. (Nasdaq: YRCW) announced today it has made significant progress in negotiating the terms of the major agreements that are required to achieve the company's financial restructuring by the end of July.

John Lamar, YRC Worldwide Chief Restructuring Officer stated, "We have been working closely with JP Morgan, agent for the senior secured lender group, the steering committee, the company's pension funds and the Teamsters National Freight Industry Negotiating Committee and we are very pleased with the progress that has been made and the support we have received. All stakeholders are continuing to finalize definitive agreements to complete the company's financial restructuring." ....................

YRC Worldwide Confirms Progress on Restructuring Efforts -- OVERLAND PARK, Kan., April 22, 2011 /PRNewswire/ --

Official press release can be found here : http://yrcw.client.shareholder.com/releasedetail.cfm?ReleaseID=571396

Supposed to be done by Apri
l 29.

Whats a few months among friends

The company cut wages, sold real estate and delayed debt payments to avoid bankruptcy and in February reached a restructuring deal with its creditors and the Teamsters union that would give lenders the bulk of new shares and convertible debt.

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Looks like they got rid of another load of debt

Teamsters president Jim Hoffa said at the time that the agreement would save 25,000 jobs, give the union two seats on YRC's board and keep the company in business.

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Jim, good work pal