YRC Worldwide Inc (YRCW)

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YRC Worldwide Inc. YRC Worldwide Inc. Latest from The Business Journals Trucking industry urges higher standardsYRC Worldwide names Welch as CEO, finishes restructuringYRC’s Zollars: He would have done few things differently Follow this company , fresh off completing its latest financial restructuring on Friday, now plans to conduct its second reverse-stock split in less than a year.

The Overland Park-based trucking company (Nasdaq: YRCW), which has flirted with bankruptcy during the past few years, disclosed plans for the stock split in a Monday filing with the Securities and Exchange Commission but didn’t provide details, such as timing or the share ratio.

YRC effected a 1-for-25 reverse-stock split in October after prior restructuring efforts caused the number of common stock shares to balloon to 1.2 billion.

The latest restructuring agreement, which closed Friday, also envisions the company issuing millions of new shares to lenders in exchange for forgiving debts and to attract $100 million in new capital, reducing the stake of existing shareholders to 2.5 percent.

Also in the filing, the company said newly appointed CEO James Welch signed a four-year employment agreement and will receive $700,000 a year in salary, as well as stock incentive payments and as much as $250,000 in cash bonuses, assuming the company meets certain performance goals.

Welch also will receive reimbursement of reasonable business expenses, an automobile allowance and relocation assistance. The filing added that Welch won’t receive more than $1 million in total taxable compensation during any fiscal year before Jan. 1, 2013, to avoid additional pension expenses.

By comparison, former Chairman and CEO Bill Zollars, who retired Friday, received $927,030 in 2010 salary.

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