YRC Worldwide extends debt-for-equity offers to December 30
OVERLAND PARK, Kan. — Financially beleagured YRC Worldwide Inc. announced this morning it has extended the expiration date for its previously announced exchange offers until 11:59 p.m., New York City time, on December 30, 2009, unless further extended.
As of 11:59 p.m., New York City time, on December 29, 2009, 94% of the aggregate principal amount of the 5.0% and 3.375% Notes and 59% of the 8 1/2% Notes had been tendered into the exchange offers, representing 84% of the company’s outstanding notes.
As of the prior expiration date on December 28, 2009, 92% of the aggregate principal amount of the 5.0% and 3.375% Notes and 53% of the 8 1/2% Notes had been tendered into the exchange offers, representing 81% of the company’s outstanding notes.
The company said that it continues to work with its noteholders through the holiday season to increase the level of support for this recapitalization, which is a key part of the comprehensive plan the company is implementing to place it on a more solid financial base.
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