Buzz up! 0 Print..On Thursday December 31, 2009, 8:53 am OVERLAND PARK, Kan. (AP) -- YRC Worldwide Inc., one of the nation's largest trucking companies, says it has successfully completed a debt exchange with its bondholders, helping to avert a bankruptcy filing.
In premarket trading Thursday, shares of the company rallied 16 percent to $1.15 from the prior close of 99 cents.
The Overland Park, Kan., company says $470 million of its outstanding debt was tendered by holders, which it will exchange with 37 million common shares and about 4.3 million convertible shares. Together that will make the stakes of current shareholders virtually worthless.
The company had warned earlier this month that it needed access to a $106 million standby credit line and permission from its lenders to delay a $19 million payment in order to avoid bankruptcy. IDIOT