Monday, May 2, 2011

YRC Worldwide Achieves Agreement in Principle Restructuring Milestone

Term Sheet Provides for Additional Capital, Enhanced Liquidity, Conversion of Some Debt Obligations into Equity and Very Substantial Dilution of Existing Equity Holders - Restructuring Closing Timeline Targeted for July 2011

OVERLAND PARK, Kan., Feb. 28, 2011 /PRNewswire via COMTEX/ -- YRC Worldwide Inc. (YRCW) today announced that it had 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 YRC Worldwide. The term sheet was approved by those parties necessary to satisfy the "agreement in principle" condition in the company's credit agreement, including the Teamsters National Freight Industry Negotiating Committee of the International Brotherhood of Teamsters and a more than two-thirds majority of the lenders under the company's credit agreement.


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