YRC Worldwide Announces Closing of Financial Restructuring Plan

YRC Worldwide Inc.

announced today it has successfully closed the financial restructuring plan announced April 29, completing the last remaining milestones. YRC Worldwide has: Issued new convertible notes for the infusion of $100 million in new capital. Increased liquidity by replacing the company's existing asset-backed securitization (ABS) facility with a new three-year, $400 million asset-based loan (

) facility. Commitments for the new ABL were announced earlier this month. Exchanged a portion of the company's loans and other obligations for new securities, including equity. As a result, the company's shareholders at the time of the exchange will be reduced to holding approximately 2.5 percent of the company's outstanding stock and will be subject to further dilution by a proposed management incentive plan and the conversion of new convertible notes. In addition, the due dates of debt under the credit agreement and previously deferred pension payments have been extended until March 2015.