Yrc Worldwide INC. DL 1 (WKN: A0H0VA)

:-))

UPDATE 5-Trucker YRC's debt exchange succeeds, shares fall
Thu, Dec 31 2009

* Says hits thresholds needed in debt exchange
* Says clears $470 million in debt from balance sheet
* Says gains access to $160 million reserve
* YRC shares down 15 pct

(Adds comments from CEO, Teamsters, Moody's; updates shares)

By Carey Gillam

OVERLAND PARK, Kansas, Dec 31 (Reuters) - U.S. trucking giant YRC Worldwide  said it averted bankruptcy by finally negotiating a critical debt-for-equity exchange that wipes out $470 million in debt and gives the struggling company access to needed credit as it restructures.

The deal announced on Thursday gives noteholders 94 percent of the equity in YRC, diluting existing shareholders, news that sent YRC stock down to an all-time low of 80 cents early Thursday.

"We do not believe there is equity value that remains in the company, supporting our $0 price target," Baird U.S. Equity Research analyst Jon Langenfeld said in a note to investors.

The deal is due to close Jan. 5.

"This doesn't guarantee them survival but it gives them a shot," said Dahlman Rose analyst Jason Seidl. "They are still in a very difficult situation."

The debt exchange means new life for Overland Park, Kansas-based YRC, which warned on Wednesday that it might be forced to file for bankruptcy and potentially liquidate if noteholders did not agree to the swap.

"There is still work to do for sure, but this is a major step and one that I think we can build on," YRC CEO Bill Zollars said in an interview with Reuters.

After several unsuccessful attempts at convincing bondholders to make the swap, YRC said on Thursday that it had swayed holders of 88 percent of the company's outstanding notes. Among that group are holders of 70 percent of YRC's 8-1/2 percent notes, the minimum threshold for making the swap work.

It was that group of noteholders who had been holding up the exchange. Many who were believed to be holding credit default swaps that would pay out in the event of YRC's failure came under public pressure in recent days from the International Brotherhood of Teamsters, which represents about 30,000 YRC workers.

"It's wrong for the sake of money to hold out. Not tendering would have tanked this company," Teamsters General President Jim Hoffa said. "That was our message to Wall Street."

LONG EFFORT

YRC has been working to restructure for over a year and hinged much of its hopes on relieving itself of $536.8 million owed to its bondholders. The successful exchange of $470 million in notes leaves YRC still facing more than $66 million it will need to come up with to make remaining noteholders whole.

It most immediately needs to come up with $45 million to satisfy its obligations to the remaining 8-1/2 percent noteholders, said Zollars.

But the debt relief is enough to appease anxious lenders and give the company more time to restructure.

YRC said it will now be able to defer $19 million of fourth-quarter lender interest and fees, and gain access to $159.8 million in revolver reserves. Also, YRC said it expects to defer lender interest and fees of $20 million to $25 million per quarter during 2010.

While analysts welcomed the news, they warned that the company still faces many challenges, including recovering customers who fled to lower-priced, more stable competitors.

"YRC may have dodged the bullet in the short term but longer term, uncertainty remains over the fate of the company," said WhatsTrading.com option strategist Frederic Ruffy.

Moody's Investors Service said Thursday it changed its rating outlook to stable from negative, though it remained concerned about YRC's "ability to improve its financial condition over the longer-term, and noted much of YRC's liquidity relief, such as interest and pension plan payment deferrals, expire at the end of 2010.

YRC, which is the largest U.S. trucking company handling smaller, or less-than-truckload shipments, has laid off thousands of workers and cut deals with labor and lenders over the last year trying to survive a downturn in the economy and a heavy debt load tied to a string of acquisitions.

YRC shares were off 15 percent at 84 cents in afternoon trading, while YRC rivals, including Arkansas Best Corp , Con-way Inc , and Old Dominion Freight  Line fell more than 7 percent on the news of fresh life for YRC. (Reporting by Carey Gillam with additional reporting by Doris Frankel in Chicago; editing by Dave Zimmerman and Tim Dobbyn)

Standard & Poor’s raises YRC Worldwide credit rating after debt-for-equity swap
Kansas City Business Journal
Tuesday, January 12, 2010, 9:32am CST | Modified: Tuesday, January 12, 2010, 3:32pm

YRC Worldwide Inc. is seeing additional benefit from the recent completion of a debt-for-equity swap, with Standard & Poor’s declaring the company no longer in default.

The rating service said in a Monday release that it raised its corporate credit rating of YRC to “CCC-” from “SD,” or “selective default.” The new rating still is considered a junk rating. It also said it raised its rating of remaining notes subject to the exchange offer to “CC” from “D” and assigned them a recovery rating of 6, meaning bondholders would have a 10 percent or lower chance of recovering their principal in the event of payment default.

YRC shares jumped 26.3 percent in Tuesday trading, closing at $1.10, up 23 cents, according to Yahoo Finance.

The Overland Park-based trucking and logistics company (Nasdaq: YRCW) succeeded on Dec. 30 in persuading enough bondholders to exchange their notes for YRC common shares. To read more, click here.

In total, YRC said bondholders agreed to tender $470 million in debt, or 88 percent. In exchange, those bondholders will receive 37 million shares of common stock and 4.3 million shares of convertible preferred stock, which will represent about 94 percent of the company’s shares.

Shareholders still must approve increasing the total number of shares issued by YRC.

Standard & Poor’s analyst Anita Ogbara said in the release that she still was developing her future outlook on the company and expressed concern about a coming $45 million debt payment due in March. She said she could lower the ratings if YRC can’t raise new capital to cover the debt payment.

But she added that the service “could raise the ratings if the company’s liquidity position stabilizes as a result of new capital raising or further amendments to its credit facility.”

http://kansascity.bizjournals.com/kansascity/...ly14.html?t=printable

Moody's says YRC less likely to default after swap
Moody's says trucking operator YRC Worldwide less likely to default after debt-equity swap

On Friday January 8, 2010, 5:14 pm EST
NEW YORK (AP) -- Moody's Investors Service said Friday it believes a recent debt-for-equity swap has reduced the possibility that trucking operator YRC Worldwide Inc. will default on its debt.

Moody's raised YRC's probability of default rating two notches, to "Caa2" from "Ca."

The ratings agency said a recently completed swap of stock for $537 million in debt held by bondholders "provided important relief" by reducing 2010 debt payments and by letting YRC change a bank credit facility to defer cash interest payments through 2010.

The agency said YRC still faces "substantial risk" and challenges to improve its financial performance during what is expected to be a modest recovery in trucking. It added that YRC must still refinance about $45 million in senior notes that mature in April.

Moody's raised ratings on $67 million in unsecured company notes to "Caa3" from "Ca," and it assigned a "stable" outlook to the company's overall debt rating.

YRC, based in Overland Park, Kan., operates trucks under Yellow, Roadway and New Penn names.

http://finance.yahoo.com/news/...likely-apf-2500136387.html/print?x=0  

heute sind 10 bis 15 Prozent drin. Um 15.30 Uhr gehts in USA los. Hier RT Chart

sekko1982

 

geiler Anstieg mit hohem Volumen. Sieht aus als würden sie das Ding heute bis auf 50 Cent ziehen...  

 

:-)  

kann ruhig so weitergehen.

sekko1982  

gefällt mir  

Respekt!

Du hast es echt drauf! weiter so...

Gruß  

http://www.mffais.com/yrcw  

http://www.shortsqueeze.com/?symbol=yrcw  

Lässt mich für morgen optimistisch stimmen!

sekko1982  

17millionen Kauf @0.36 gesehen...hier ist aber wirklich REGES interesse..heheheheheh :-)


LALA !!!!!!!!!


Na ob da mal der UPS nicht interessiert ist ???  

Die werden heute weiter laufen  

hi leute,
habt ihr mir einen kostenlosen realtime-link für USA?
danke,
aktiengirl  

aber die schlafen noch ;)

http://data.cnbc.com/quotes/yrcw  

bin gestern auch mal mit ner posi rein, denke auch, dass da heute noch mehr geht, wenn man den chart anschaut, müsste da eigentlich kurzfristig noch platz bis mindestens 37 cent sein. was meint ihr?  

nächster Widerstand 0,42 USD, könnte weiterlaufen bis 50  

http://www.americanbulls.com/...=YRCW&MarketTicker=NASD&TYP=S

sekko1982  

ist eben ein guter Chartist (nicht zu verwechseln mit Artist)  

Die Kunst ist es solche Aktien ausfindig zu machen, bevor andere wie z.B. americanbull.com diese ebenfalls entdecken.

Übrigens schaut euch mal mein Beitrag an, welchen ich im USA-Forum gepostet habe und auch die Antworten der Amis. Es herrscht Optimismus!

http://messages.finance.yahoo.com/...p;mid=131564&tof=6&frt=2

sekko1982