But Ross said even a successful swap might not be enough to save the company going into the seasonally slow first quarter.

"Even if the bond exchange goes through, the company has been losing customers recently due to the delay of the exchange (and is at risk of losing significantly more soon), which could cause the company to run out of cash this winter," Ross wrote in a note to clients. "Plus, if the note exchange were to goes through, we believe YRC would have difficulty securing third-party unsecured financing to pay off the noteholders in 2010 that did not tender their shares."
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