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How will the PPs REACT TODAY?
Merry Christmas everyone !
More filings today! :)
http://investors.yrcw.com/sec.cfm
Upgrades tomorrow would be nice!
I put up the article.
December 22, 2013 11:45 PM
YRC Nears Deal for $250 Million in New Equity
Financing Conditional on Labor Agreement
By EMILY GLAZER
YRC Worldwide Inc. is close to raising funds to cover upcoming debt payments as the trucking company works to persuade employees to extend their labor contracts for five years, people familiar with the matter said.
The company was expected to make a securities filing Monday morning detailing the financing, which comprises $250 million in equity and at least $25 million in debt committed to become equity and was being provided by several investment firms, the people said. Talks Sunday evening weren't final and could still fall apart, they said.
The expected financing is a step toward addressing YRC's financial troubles and would allow it to pay off debt that is maturing in February, the people said. The company separately is seeking to push back the due date on $124 million of debt due in March 2015.
The Overland Park, Kan., company, which has around 32,000 workers, reached an agreement this month with leaders of the Teamsters union to present a contract-extension proposal to its members. A ratification vote is slated for next month.
YRC's debt troubles trace back to the 2003 merger of Yellow Corp. and Roadway Corp. that created Yellow Roadway Corp. The company took on more debt when it acquired USF Corp. for $1.37 billion in 2005 in an effort to strengthen its regional business. YRC's current brands include YRC Freight, YRC Reimer, New Penn, Holland and Reddaway. YRC avoided a bankruptcy filing by completing a debt restructuring in 2011, followed by further debt amendments since then.
"In the past, some companies in our position have simply declared bankruptcy," YRC Chief Executive James Welch wrote in an October letter to employees. "We have all worked too hard and sacrificed too much to go that route and lose some of the industry's best jobs."
YRC posted $4.85 billion in revenue for last year. The company has roughly $1.4 billion in debt and a market value of about $164 million. YRC's stock fell two cents to close at $14.97 Friday on the Nasdaq Stock Market.
YRC faces a $69 million debt payment in February, a $325 million debt payment in September and a $675 million payment in March 2015. The company's capital is being eaten away by the interest payments it must make on its debt, the people familiar with the matter said.
The new financing and a deal to extend the due date should smooth the path for YRC to refinance debt maturing in 2014 and 2015, the people familiar with the matter said.
But those are conditioned on the company's completion of a deal to extend by five years its existing collective-bargaining agreement with its 26,000 Teamsters. The current contract is set to expire in March 2015. The proposal would extend a 15% pay cut that workers agreed to in earlier contract negotiations.
The ratification process, which is contingent on factors including a significant reduction of debt, should be completed around Jan. 8, YRC has said.
Write to Emily Glazer at emily.glazer@wsj.com
It doesn't say "if" vote approved....
BUSINESS
December 22, 2013 11:45 PM
YRC Nears Deal for $250 Million in New Equity
Financing Conditional on Labor Agreement
By Emily Glazer
YRC Nears Financing Deal
YRC Worldwide is close to raising funds to cover upcoming debt payments as the trucking company works to persuade employees to extend their labor contracts for five years.
Going up after hours !
Lol. Holy crap! Just bought them right up!!!!!
You see tgat spike EOD!!!!!
Lmfao
Lol. I was laughing typing it! But wouldn't it be nice ! We can dream ya know!
Yes, you are right there! That drop this morning! Lol. I'm sure the shorts
went nuts and loaded up thinking it was going to plummet ........ Then bam reversal !! Lovin it!!
I would LOVE TO SEE BUFFET buying this! The PPS would double on the news!
Higher highs and higher lows ! Lookin good!
Morning profit takers,,, will return to new highs
Another new HOD coming!
Lasry? I'm guessing
Lookin good pre-market.
I think you are correct. Higher selling price means pay off more debt
More filings this week. Keep your eyes open!
I do. But do ur own DD CHECK OUT THE 13d filings.
Omg yes! Way undervalued ! Over a billion in revenue and a 100+ million market cap. Lol East. 5 bragger from here.
This is setting up like the run in June-July . But now we have a reason to jump!
Bump he's short. Lol. He better cover! $14 Monday
Lol. Thanks for the laugh! By the way the 3 mil shares is old news. Plus dumping? Lol. HFs have been buying this hand over fist. You need some better DD
$50 would make me very happy. Lol. If you compare the market cap to ABFS this is a $117 stock.
I think your right.... Might see the $30's again by voting time.... Sounds like approval is a givin... Refinance is a givin. Breaking the highs hmmmmm. We will see
It will shoot back up today after new shares are done being released into the market... Watch!
1 million traded already!!
I guarantee they will be selling a chunk of those 3 million shares today... At this higher price too!! More money to cut down the debt!!
We could see 5 points up today alone !
Up $1.00 on 13,200 shares!
Up huge in PM... Gonna be a strong day!
What are your thoughts on Mondays action ? Union approving and mailing ballots that is. it should affect the PPS in a positive manner no?
Hmmm. Maybe tomorrow!
Yep! We need some juicy news now!