OVERLAND PARK, Kan. ( TheStreet) -- YRC Worldwide ( YRCW - Get Report) shares surged Monday on a pickup in volume after reports the trucking giant landed a long-term financing agreement.

YRC Worldwide shares jumped shortly before noon EDT after Briefing.com attributed the strength to reports of a long-term financing agreement that will alleviate the transportation company's liquidity needs. In recent months, the company has struggled while trying to stave off bankruptcy, resorting to massive job cuts and selling real estate.

Earlier this month, YRC Worldwide said its lenders had agreed to extend certain provisions under certain credit facilities until Oct. 30. "By extending the revolver reserve, we retain the flexibility needed to reach an agreement with the lenders that will fully support our comprehensive plan," Bill Zollars, YRC Worldwide's chairman and CEO, said in a statement on Oct. 12.

Shares of YRC Worldwide were jumping by 25 cents, or 7.5%, to $3.58. Earlier in the session, the stock touched an intraday low of $3.29. More than 2.8 million shares changed hands by 11:45 a.m. EDT Monday, compared to the stock's 50-day average daily volume of 9.5 million, according to the Nasdaq.

YRC Worldwide has a 58 million-share float with a massive short interest float of 31.2% as of Sept. 25, according to Yahoo! Finance. Insiders hold only 1.5% of the company's shares with another 76% owned by institutions.

-- Written by Robert Holmes in New York.

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