This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

YRC Worldwide Extends Swap Deadline Again

NEW YORK (AP) ¿ Shares of YRC Worldwide Inc. rose Tuesday after it extended the deadline for its debt exchange again, but an analyst said the move might merely be delaying an inevitable bankruptcy filing.

YRC shares rose 6 cents, or 6 percent, to $1.01 in midday trading.

The cash-strapped company, one of the country's largest truckers, gave itself until Tuesday at midnight to persuade bondholders to exchange their notes for equity. YRC has already extended the deadline several times in hopes of getting more bondholders to jump on board. It also lowered the threshold of debt holders it needs to approve the swap.

As of midnight Monday, 53 percent of the 8.5 percent notes and 92 percent of the 5 percent and 3.375 percent notes had been tendered. It needs 70 percent of the 8.5 notes and 85 percent of the 5 percent and 3.375 percent notes to be tendered for approval.

Combined, the tendered amount so far represents 81 percent of the company's outstanding notes. That's just above the 80 percent tendered as of Dec. 23.

Stifel Nicolaus analyst David Ross said he's "unsure why any bondholders who have not tendered their shares to-date would do so at this point."

The company needs this debt-for-equity swap to succeed in order to avoid a bankruptcy filing.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
YRCW $7.03 3.70%
AAPL $93.58 -0.13%
FB $101.63 -0.27%
GOOG $680.32 -0.41%
TSLA $148.79 -1.10%


Chart of I:DJI
DOW 15,875.57 +215.39 1.38%
S&P 500 1,857.26 +28.18 1.54%
NASDAQ 4,323.9650 +57.1280 1.34%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs