YRC Worldwide (YRCW) Sinks On Exchange Offer That Could Give Noteholders 95% Of Common Stock
Shares of YRC Worldwide Inc. (Nasdaq: YRCW) are getting slammed 51% today after announcing plans for an exchange offer this week.
YRC Worldwide said noteholders would exchange approximately $536.8 million in face value of Notes plus accrued and unpaid interest for shares of common stock and new Class A Convertible Preferred Stock, which together on an as-if converted basis would represent 95% of the company's common stock.
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