The bondies got scared, and now they are wondering why they ever put their self in this position in the first place. They should have done more research about this company. I mainly feel sorry for the employees and their familys, and hope that they are atleast looking for another job, just incase the crap hits the fan. But, as the saying goes " you can lead a horse to the water, but you can't make him drink it".
It is a bad deal for workers and familys there are over 50,000 employes that's huge that's why I hope they try hard to live on i also think wants the debt is paid they say if they keep profiting and get new bonds it will keep them a float I don't care if it is $10 it's still a profit alot of people on This board want it to happen over night I will wait til end of year for results
True witch i like the fact its all common shares now cause that helps us think of the long run no more perferred stock so mabye all the profits and eps go straight to the common i just never seen a stock without perferreds i would have to look into it
The company needed the release from the bondholders to satisfy the banks. The banks were going to forclose, liqudate YRCW if the bondholders didn't surrender. In BK collaterlized loans grt paid first then bondholders. At the CDS time YRCW had 1.5 billion between bank debt and Bond debt and just one billion is assets. That ment after liqudation the banks would lose half a billion dollars. The swap simply deleted the bond debt. Remember bonds are LOANS to the company! Thus the banks can liqudate and basicly break even as it stands today. YRCW has no more bank loans comming in. They must make an honest PROFIT!