Trucking company in danger of filing for bankruptcy
YRC Worldwide Inc. is in danger of being forced into bankruptcy, after the company was revealed to have missed a restructuring deadline and stock prices crashed.
YRC Worldwide Inc. is in danger of being forced into bankruptcy, after the company was revealed to have missed a restructuring deadline and stock prices crashed.
The Securities and Exchange Commission announced that YRC missed the deadline on Monday, and subsequent days have brought the company's stock from about $2.30 last week to $1.58 on Wednesday, according to the Kansas City Business Journal.
The company has been marred with debt over the past couple years. YRC is touted as the country's leading trucking company in "less-than-truckload" amounts, but because of the recession, it has accrued a large amount of debt, the news source said.
YRC has been in a process of restructuring negotiations with the International Brotherhood of Teamsters, a large union that represents 25,000 of the company's employees, which has cut wages and made stock in the company less attractive.
The lenders for YRC have not yet declared the company in default, and until this occurs, the company will continue to work on a solution to fix its financial situation, reported the news source.
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