YRC Worldwide Inc (YRCW)

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http://www.bizjournals.com/kansascity/news/2011/10/06/yrc-worldwide-reverse-stock-split.html?ana=yfcpc

YRC Worldwide drives another reverse-stock split to curb ballooning shares
Date: Thursday, October 6, 2011, 2:57pm CDT - Last Modified: Thursday, October 6, 2011, 3:37pm CDT
Related: Logistics & Transportation
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YRC Worldwide's headquarters is in Overland Park, Kan.

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David Twiddy
Reporter - Kansas City Business Journal
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YRC Worldwide Inc.    shareholders are being asked to approve what could be a massive reverse-stock split as the company tries to rein in its almost 2 billion outstanding shares.
In a Thursday regulatory filing ahead of its annual shareholder meeting, the Overland Park-based trucking company (Nasdaq: YRCW) said it will seek the approval, which would give the YRC board a year to implement the split. The move could range from offering one new share for every 50 current shares to one for every 300.
Although the date of the annual meeting was not provided in the Securities and Exchange Commission    filing, YRC previously said it expected to hold the meeting around Nov. 30.
It would be the second share reduction in a little more than a year for YRC, which implemented a 1-for-25 reverse-stock split on Oct. 1, 2010.
During the summer, YRC completed a financial restructuring that eliminated debt, provided $100 million in new capital and provided a new $400 million loan, improving liquidity. But to pay for it, shareholders last month approved issuing an ocean of new stock, raising the total outstanding shares from 48 million to 1.9 billion.
The new shares essentially wiped out existing shareholders, who now collectively own less than 3 percent of the company.
The company’s share price has fallen since the spring restructuring announcement, closing at 4 cents Wednesday — far less than the $1 minimum that Nasdaq requires.
Last month, Nasdaq threatened to delist YRC shares because of their low trading price. It already was considering delisting because of the restructuring’s dilutive effect on existing investors. YRC is appealing.