YRC inks restructuring deal with creditors
KANSAS CITY – YRC hopes an agreement with major debt holders for a restructuring plan will finally remove the company from the ledge of bankruptcy.
The plan would provide the beleaguered LTL giant with additional capital, and a "substantial improvement" in its liquidity position, the company said in a statement.
The agreement also calls for conversion of debt into equity and the "replacement or restructuring of certain debt obligations."
The restructuring, to be completed by July, would provide the company with a "solid foundation for long-term success," says John Lamar, YRC’s chief restructuring officer.
The trucking carrier, which is said to have controlled as much as 20 percent of the LTL market at its peak, has been teetering towards bankruptcy since the start of the recession in 2008.
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