YRC Worldwide Inc (YRCW)

[bitty]

Shares already converted last Friday. Shorts had their chance to cover and longs the time to buy is now. See Article below:

YRC closes on first phase of financing

YRC Worldwide Inc. said it had closed on the first tranche of a $70 million private-placement offering announced earlier this month.

The Overland Park-based trucking firm said proceeds from the new financing would go toward settling obligations to bondholders with about $45 million in 2010 notes. That group did not participate in YRC's $470 million debt-for-equity swap at the end of 2009.

The first installment of the private placement will be $49.8 million, with the remaining funds contingent upon the company concluding some legal issues related to the debt-for-equity swap.

Any excess proceeds will go for general corporate purposes, the company said.

YRC said substantially all its outstanding Class A preferred stock automatically converted to common stock last Friday, two days after shareholders approved the move.