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Troubled trucking giant YRC Worldwide Inc., one of the Kansas City area’s largest companies, said it would avoid bankruptcy and gain much needed financing under a $100 million deal signed Friday.
The company won’t get the $100 million in financing until July, but the deal promises to end years of struggling against unpaid debts and other obligations made worse by the financial crisis and recession.
YRC’s deal will “enable this company to not only survive but to hopefully regain its profitability and success in the marketplace,” said John Lamar, chief restructuring officer and lead director.
Unlike earlier efforts, this financial restructuring provides new capital that the company can use to run its business and invest in operations....................
YRC works out $100 million deal to avoid bankruptcy - KansasCity.com
The company won’t get the $100 million in financing until July, but the deal promises to end years of struggling against unpaid debts and other obligations made worse by the financial crisis and recession.
YRC’s deal will “enable this company to not only survive but to hopefully regain its profitability and success in the marketplace,” said John Lamar, chief restructuring officer and lead director.
Unlike earlier efforts, this financial restructuring provides new capital that the company can use to run its business and invest in operations....................
YRC works out $100 million deal to avoid bankruptcy - KansasCity.com