posted
I'm wondering if it would be wise to jump back in YRCW, going really low...not great news for them.
Posts: 1503 | From: washington | Registered: Jun 2009
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posted
Absolutely. I don't post much, I mostly read and DD, but I've been trading for about 4 yrs now. Like you said, you gotta be careful, but you also gotta have big kahona's,lol.
Posts: 725 | From: litte rock AR | Registered: Oct 2005
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posted
YRCW hit a high of $1.45 in pre-market--weird, wild stuff, really volitle....not sure what it's going to do.
Posts: 1503 | From: washington | Registered: Jun 2009
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posted
They just finished trading shares to pay off a debt. The selling should be over soon, mostly selling today so far. Monday should be back to biz.
Posts: 725 | From: litte rock AR | Registered: Oct 2005
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posted
make that 7.17 and as for my thoughts on YRCW..i was not here for premarket and if it did hit 1.45 or higher i would have bailed..but at .85 it you gotta say..hmmm..I do think they will be in business for some time to come...so why not..i just added another 1k shares making my holding to 5k now...
Posts: 2497 | From: westlake village CA | Registered: Aug 2008
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posted
Raj---where did you come up with that name "rajthebam"? what does that mean? just curious.
Posts: 1503 | From: washington | Registered: Jun 2009
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posted
YRCW shooting up again, might just see some more green for me before the weekend
Posts: 1503 | From: washington | Registered: Jun 2009
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SAN FRANCISCO (MarketWatch) -- Trucking firm YRC Worldwide on Thursday staved off a possible bankruptcy filing after reaching a debt-for-equity exchange with its bondholders.
The deal will enable YRC, which has been scrambling to shore up its liquidity this year, to defer $19 million in lender interest and fee payments in the fourth quarter as well as $20 million to $25 million per quarter during 2010. The company launched the offer Nov. 2.
YRC /quotes/comstock/15*!yrcw/quotes/nls/yrcw (YRCW 0.88, +0.04, +4.79%) said it collected exchange offers valued at $470 million, representing 88% of its outstanding notes.
In return, tendering noteholders will get 37 million shares of YRC common stock and 4.346 million of Class A convertible preferred stock, which together on a converted basis, will represent 94% of YRC total issued and outstanding common shares.
YRC's shares dropped 15.2% to close at 84 cents. Shares of rival Con-Way /quotes/comstock/13*!cnw/quotes/nls/cnw (CNW 35.34, +0.39, +1.11%) also fell, down 9.8% to $34.91.
Overland Park, Kan.-based YRC expects the deal to be settled by Jan. 5.
The deal gives YRC "a new lease on life," said debt-rating firm Egan-Jones, which is paid for its services by investors rather than corporations. "However, challenges remain."
The exchange offer yield savings pegged at $35 million a year, but that might not be enough, Egan-Jones said in a research note.
"The success of this note exchange marks a major turning point for YRC Worldwide -- with our significantly restructured balance sheet and enhanced liquidity, we will move forward from a more solid financial foundation," CEO Bill Zollars said in a statement.
The International Brotherhood of Teamsters had been putting pressure on YRC bondholders to agree to the deal to save 30,000 jobs. On Wednesday, the union canceled a protest planned for today outside the headquarters of hedge fund Brigade Capital Management.
The protest was called off after Brigade said it didn't own any YRC bonds.
This month YRC was booted from the Dow Jones Transportation Average Index due to the threat of bankruptcy. It was replaced by Delta Air Lines.
Through Sept. 30, YRC posted a net loss of $741.5 million. Sales fell 41% to $4.1 billion from the same nine-month period in 2008. Total debt was $1.6 billion.
Its shares are down 71% for the year.
Posts: 725 | From: litte rock AR | Registered: Oct 2005
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