R-14Driver
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I have read many many articles and also the 8-k's that have come out trying to figure the debt ratio . Then today this article came out and I found a very very interesting statement in it !! I didn't change any of the wording from the article I just made the part bigger and bold to highlight it .
..................1. Details of balance sheet restructuring completed
On 22 July, YRCW announced that it had closed its financial restructuring plan. This involved the following:
3,717,948 preferred shares were issued in exchange for a portion of the company’s loans and other debt.
1,282,051 preferred shares were issued to the IBT Employee Stock Trust.
Series A notes ($140 million face value) were issued to a smaller group of the company’s lenders.
Series B notes ($100 million face value) were sold to investors, providing $100 million in additional liquidity.
The positives from the above are that $1,033,566,247 of debt was canceled, and that YRCW received $100 million proceeds from the Series B notes.................
Dilution Coming: Time Running Out for YRC Worldwide Shareholders - Seeking Alpha
..................1. Details of balance sheet restructuring completed
On 22 July, YRCW announced that it had closed its financial restructuring plan. This involved the following:
3,717,948 preferred shares were issued in exchange for a portion of the company’s loans and other debt.
1,282,051 preferred shares were issued to the IBT Employee Stock Trust.
Series A notes ($140 million face value) were issued to a smaller group of the company’s lenders.
Series B notes ($100 million face value) were sold to investors, providing $100 million in additional liquidity.
The positives from the above are that $1,033,566,247 of debt was canceled, and that YRCW received $100 million proceeds from the Series B notes.................
Dilution Coming: Time Running Out for YRC Worldwide Shareholders - Seeking Alpha