YRC Worldwide Halted, Says Reaches Pact on Restructuring Tha
YRC Worldwide (YRCW) shares are halted. The company says it reached an agreement in principle, in the form of a non-binding term sheet, with certain of its key stakeholders providing for a comprehensive restructuring plan for YRCW. The non-binding term sheet provides YRCW with new and additional capital, a substantial improvement in its liquidity position, conversion of some of its debt obligations into equity and the replacement or restructuring of certain of its debt obligations, it says. The term sheet contemplates a very substantial dilution of existing equity holders, it says. The terms expect the close of the restructuring deal by July. Shares were last down 1.46%.
Credit: Financial News Network
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