YRCW Lowers Bond-Swap Threshold

YRC Worldwide, Inc. (YRCW) announced today that it lowered the percentage threshold of bonds required to complete the debt-to-equity exchange from 95 percent to 70 percent for one class of bonds, and from 95 percent to 80 percent for the other two classes.

YRCW's bank lending group adjusted the credit agreements to the lower percentage threshold and extended the timing to get the exchange completed.

Other key stakeholders—the company's workers, the pension funds and the company's secured lenders—have already made significant sacrifices as part of the restructuring of the company. It’s time for the bondholders to do their part.

The union will continue to monitor this situation carefully. As developments occur we will provide updates on the Teamster web site so that our members will have the latest information.