YRC Worldwide (YRCW) Plans $300M Debt Reduction; Will Issue Equity, Conv. Notes
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YRC Worldwide Reaches Agreement to Reduce Debt by $300 Million
December 23, 2013 8:45 AM ESTOVERLAND PARK, Kan., Dec. 23, 2013 (GLOBE NEWSWIRE) -- YRC Worldwide, Inc. (Nasdaq: YRCW) announced today that it has reached an agreement with certain holders of its Series A Convertible Notes, Series B Convertible Notes and other institutional investors that will allow it to reduce debt by approximately $300 million. In doing so, the company will meet a primary requirement (retiring at least 90% of the company's Series A and B Convertible Notes) needed to satisfy the International Brotherhood of Teamsters' (IBT) conditionality of ratifying the Memorandum of Understanding (MOU) proposal that is currently out for... More
