unterbewerteter US-Transportgigant!
YRC Worldwide Achieves Success With Financial Restructuring Plan
-- Company completes all major milestones of plan announced April 29
OVERLAND PARK, Kan., July 22, 2011 /PRNewswire/ -- YRC Worldwide Inc. (Nasdaq: YRCW) 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 (ABL) 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.
"YRC Worldwide has accomplished what the cynics said couldn't be done," said John Lamar, chief restructuring officer and lead director of YRCW. "We are grateful to all the stakeholders — including union and non-union employees, lenders and customers — who have supported us throughout this process. Together, we've done exactly what we set out to do two years ago: YRC Worldwide and our brands are positioned for long-term success."
Important additional information can be found in the Current Report on Form 8-K to be filed today with the Securities and Exchange Commission.
Forward-Looking Statements:
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The word "positioned" and similar expressions are intended to identify forward-looking statements. The company's future results could differ materially from any results projected in such forward-looking statements because of a number of factors, including (among others), the effect of the restructuring, the company's ability to generate sufficient cash flows and liquidity to fund operations, which raises substantial doubt about the company's ability to continue as a going concern, inflation, inclement weather, price and availability of fuel, sudden changes in the cost of fuel or the index upon which the company bases its fuel surcharge, competitor pricing activity, expense volatility, including (without limitation) expense volatility due to changes in rail service or pricing for rail service, ability to capture cost reductions, changes in equity and debt markets, a downturn in general or regional economic activity, effects of a terrorist attack, labor relations, including (without limitation), the impact of work rules, work stoppages, strikes or other disruptions, any obligations to multi-employer health, welfare and pension plans, wage requirements and employee satisfaction, and the risk factors that are from time to time included in the company's reports filed with the Securities and Exchange Commission, including the company's Annual Report on Form 10-K for the year ended December 31, 2010 and Quarterly Report on Form 10-Q for the three months ended March 31, 2011.
About YRC Worldwide
YRC Worldwide Inc., a Fortune 500 company headquartered in Overland Park, Kan., is a leading provider of transportation and global logistics services. It is the holding company for a portfolio of successful brands including YRC, YRC Reimer, YRC Glen Moore, Reddaway, Holland and New Penn, and provides China-based services through its Jiayu and JHJ joint ventures. YRC Worldwide has the largest, most comprehensive less-than-truckload (LTL) network in North America with local, regional, national and international capabilities. Through its team of experienced service professionals, YRC Worldwide offers industry-leading expertise in heavyweight shipments and flexible supply chain solutions, ensuring customers can ship industrial, commercial and retail goods with confidence. Please visit www.yrcw.com for more information.
Media Contact:
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Suzanne Dawson
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Linden, Alschuler & Kaplan
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212-329-1420§
sdawson@lakpr.com§
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SOURCE YRC Worldwide
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http://investors.yrcw.com/releasedetail.cfm?ReleaseID=593589
YRC Worldwide Announces New Board of Directors
OVERLAND PARK, Kan., July 22, 2011 /PRNewswire/ -- YRC Worldwide Inc. (NASDAQ: YRCW) today announced a completely new Board of Directors following the completion of the company's financial restructuring plan announced earlier today. The new Board represents a key component in the company's long-term plan for comprehensive restructuring.
"I am delighted to lead this strong lineup of business executives as the new Chairman of the YRC Worldwide family of companies," said James Hoffman, the new Board Chairman. "I am confident that the new Board members, with their vast experience in a wide variety of areas such as logistics, operations, business management, finance and law, will help us take YRC Worldwide to the next level as a leading provider of transportation and global logistics services."
The following Directors have been appointed to serve on the YRCW Board, effective immediately: Raymond Bromark, CPA, retired PricewaterhouseCoopers LLP partner; Douglas Carty, former President and CEO, Laidlaw Education Services; Matthew Doheny, President, North Country Capital LLC; Robert L. Friedman, Senior Managing Director, The Blackstone Group, L.P.; James E. Hoffman, former President, Alliant Energy Resources; Michael J. Kneeland, President, CEO, and Director, United Rentals, Inc.; Harry J. Wilson, Chairman and CEO, MAEVA Advisors, LLC; and James "Jim" Winestock, Jr., former Senior Vice President and Officer, United Parcel Service, Inc.
Raymond Bromark, 65, CPA, retired in 2006 after 39 years with PricewaterhouseCoopers LLP. He started with the firm as an auditor in Chicago, then served as a Senior Manager/Partner in New York and Senior Audit Partner in Boston. He returned to New York in 1990 and completed his career there in various capacities, including as Lead Engagement, Client Service Partner and as Deputy Vice Chairman and Head of the firm's National Office. He received a bachelor's of science degree in business administration from Quincy College in Quincy, Illinois. He resides in Sarasota, Florida.
Douglas Carty, 55, led Laidlaw Education Services as President and CEO in 2006 and 2007. Previously, he served as Senior Vice President and Chief Financial Officer for Laidlaw International, Inc., whose education services unit operated 41,000 school buses and transported more than 2 million students daily throughout the U.S. and Canada. Carty's career has also featured a full decade of financial roles with Canadian Airlines Corp., including four years as Senior Vice President and Chief Financial Officer. He received his bachelor's of arts degree from Queen's University in Kingston, Ontario and his MBA from the University of Western Ontario in London, Ontario. Carty lives in Glen Ellyn, Illinois.
Matthew Doheny, 41, earlier this year became president of North Country Capital LLC, an investment firm that invests in startups and companies looking to expand. In 2010, he was a candidate for the U.S. House of Representatives, 23rd Congressional District of New York. He offers extensive background in corporate finance, having previously served as portfolio manager with Fintech Advisory Inc. of Watertown, New York, and as managing director of the Distressed Assets Group at Deutsche Bank Securities, Inc. of New York, New York. A Watertown resident, Doheny holds a bachelor's of arts degree from Allegheny College in Meadville, Pennsylvania and a juris doctor degree from Cornell Law School in Ithaca, New York.
Robert L. Friedman, 68, has been a Senior Managing Director of The Blackstone Group L.P. in New York since 1999, serving for most of that period as the firm's Chief Legal Officer. Blackstone is one of the world's leading investment and advisory firms, with $159 billion in assets under management. Previously for more than 30 years, Friedman was with the New York-based law firm of Simpson Thacher & Bartlett. A resident of Rye, New York, he received his bachelor's of arts degree from Columbia College in New York and his juris doctor degree from the University of Pennsylvania Law School in Philadelphia.
James Hoffman, 58, held various leadership roles for 10 years with Alliant Energy of Madison, Wisconsin. The company delivers regulated electric and natural gas services to homes, businesses, and industries across the Midwest. His 30-year career started with IBM Corporation and has focused on information systems. He was Chief Information Officer for MCI Communications in the mid 1990s and also served as Executive Vice President, Corporate Services for Teleconnect Company of Cedar Rapids, Iowa. He is the immediate past chair of the Iowa Health System, the largest healthcare enterprise in the state of Iowa, serving that role from 2008 to 2010. A Cedar Rapids, Iowa resident, Hoffman received his bachelor's degree in business administration from the University of Iowa.
Michael J. Kneeland, 57, has over 30 years of experience in the equipment rental business, including over a decade with the Greenwich, Connecticut-based United Rentals. The company he leads boasts 539 rental locations in the United States and Canada and approximately 7,500 employees. Previously, Kneeland held senior management positions with Freestate Industries Inc. and Equipment Supply.
Harry J. Wilson, 39, founded MAEVA Advisors to play a lead role in driving corporate turnarounds and complicated restructurings. In this capacity, Mr. Wilson served as the financial advisor to the Joint Management/Labor Committee of YRC Worldwide. Mr. Wilson is a career investor in private equity and distressed situations, with a great deal of experience in operational turnarounds. More recently Wilson was a candidate for New York State Comptroller and, before that, served as a Senior Advisor to the President's Auto Task Force, where he had principal responsibility for the restructuring of General Motors. A resident of Scarsdale, New York, he received his bachelor of arts degree from Harvard College and his MBA degree from Harvard University.
Jim Winestock, Jr., 60, retired from UPS in 2009 after a 40-year career that culminated with his tenure as Senior Vice President and Officer, and Director of U.S. Operations and Global Security. He took on various positions of increasing responsibilities while with UPS, including President and Chief Operating Officer of the Midwest Region and then the same title for the North Central Region. Winestock holds a bachelor's of science degree in finance from Massey College in Jacksonville, Florida. He currently lives in Florida.
Forward-Looking Statements:
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "will," and similar expressions are intended to identify forward-looking statements. The company's future results could differ materially from any results projected in such forward-looking statements because of a number of factors, including (among others), the effect of the restructuring, the company's ability to generate sufficient cash flows and liquidity to fund operations, which raises substantial doubt about the company's ability to continue as a going concern, inflation, inclement weather, price and availability of fuel, sudden changes in the cost of fuel or the index upon which the company bases its fuel surcharge, competitor pricing activity, expense volatility, including (without limitation) expense volatility due to changes in rail service or pricing for rail service, ability to capture cost reductions, changes in equity and debt markets, a downturn in general or regional economic activity, effects of a terrorist attack, labor relations, including (without limitation), the impact of work rules, work stoppages, strikes or other disruptions, any obligations to multi-employer health, welfare and pension plans, wage requirements and employee satisfaction, and the risk factors that are from time to time included in the company's reports filed with the Securities and Exchange Commission, including the company's Annual Report on Form 10-K for the year ended December 31, 2010 and Quarterly Report on Form 10-Q for the three months ended March 31, 2011 .
About YRC Worldwide
YRC Worldwide Inc., a Fortune 500 company headquartered in Overland Park, Kan., is a leading provider of transportation and global logistics services. It is the holding company for a portfolio of successful brands including YRC, YRC Reimer, YRC Glen Moore, Reddaway, Holland and New Penn, and provides China-based services through its Jiayu and JHJ joint ventures. YRC Worldwide has the largest, most comprehensive less-than-truckload (LTL) network in North America with local, regional, national and international capabilities. Through its team of experienced service professionals, YRC Worldwide offers industry-leading expertise in heavyweight shipments and flexible supply chain solutions, ensuring customers can ship industrial, commercial and retail goods with confidence. Please visit www.yrcw.com for more information.
Media Contact:
§
Suzanne Dawson
§
§
Linden, Alschuler & Kaplan
§
212-329-1420§
§
sdawson@lakpr.com§
§
§
Web site: www.yrcw.com
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§
Follow YRC Worldwide on Twitter: http://twitter.com/yrcworldwide
§
SOURCE YRC Worldwide
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http://investors.yrcw.com/releasedetail.cfm?ReleaseID=593600
WIE OFT SOLL ICH DAS DENN NOCH SCHREIBEN:
Game
Over
Jetzt kann es ja wieder unter den Dollar gehen.
Drecksbande
sag mal was bist du eigentlich für eine kreatur? mich würde echt mal interessieren wie alt du bist. gib doch endlich mal ruhe hier du vollpfosten. du regst mich so auf! also halt dich in zukunft endlich geschlossen. es sei denn du schreibst was gescheites. danke!
Transportation Industry Veteran James L. Welch Named New CEO of YRC Worldwide
OVERLAND PARK, Kan., July 22, 2011 /PRNewswire/ -- YRC Worldwide Inc. (NASDAQ: YRCW) today announced that transportation industry veteran James L. Welch, a former President and CEO of Yellow Transportation, has been named as the company's new Chief Executive Officer. Mr. Welch was appointed CEO, effective immediately, by the new YRC Worldwide Board of Directors today.
"YRC Worldwide is pleased to announce that James L. Welch will lead the newly restructured company forward," said YRC Worldwide Board Chairman James Hoffman. "Mr. Welch brings hands-on institutional knowledge along with an employee and customer-focused approach to a company built on reliability and customer relations. YRC Worldwide is fortunate to have someone with Mr. Welch's skill set at the helm as this company moves forward. His leadership, coupled with the company's new financial liquidity, places YRC Worldwide in a strong position to regain its competitive edge in the transportation marketplace."
Mr. Welch has more than 30 years of experience in the transportation sector, many of those at the senior executive level. He most recently served as President and Chief Executive Officer of Dynamex Inc., a leading provider of same-day transportation and logistics services in the United States and Canada. Mr. Welch began his career with Yellow at the age of 23 and worked his way up to the position of President and CEO (2000-2007), learning every facet of the company's operations along the way.
"This is an exciting and challenging time for YRC Worldwide, and I am pleased to have been chosen to move the company forward," Mr. Welch said. "This restructuring gives YRC Worldwide the liquidity and flexibility to refocus on its historical strengths — unparalleled customer service and transportation excellence. Those are the attributes that made YRC Worldwide the market leader and they will be the focus of this company again under my leadership."
Forward-Looking Statements:
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "places," "gives" and similar expressions are intended to identify forward-looking statements. The company's future results could differ materially from any results projected in such forward-looking statements because of a number of factors, including (among others), the effect of the restructuring, the company's ability to generate sufficient cash flows and liquidity to fund operations, which raises substantial doubt about the company's ability to continue as a going concern, inflation, inclement weather, price and availability of fuel, sudden changes in the cost of fuel or the index upon which the company bases its fuel surcharge, competitor pricing activity, expense volatility, including (without limitation) expense volatility due to changes in rail service or pricing for rail service, ability to capture cost reductions, changes in equity and debt markets, a downturn in general or regional economic activity, effects of a terrorist attack, labor relations, including (without limitation), the impact of work rules, work stoppages, strikes or other disruptions, any obligations to multi-employer health, welfare and pension plans, wage requirements and employee satisfaction, and the risk factors that are from time to time included in the company's reports filed with the Securities and Exchange Commission, including the company's Annual Report on Form 10-K for the year ended December 31, 2010 and Quarterly Report on Form 10-Q for the three months ended March 31, 2011.
About YRC Worldwide
YRC Worldwide Inc., a Fortune 500 company headquartered in Overland Park, Kan., is a leading provider of transportation and global logistics services. It is the holding company for a portfolio of successful brands including YRC, YRC Reimer, YRC Glen Moore, Reddaway, Holland and New Penn, and provides China-based services through its Jiayu and JHJ joint ventures. YRC Worldwide has the largest, most comprehensive less-than-truckload (LTL) network in North America with local, regional, national and international capabilities. Through its team of experienced service professionals, YRC Worldwide offers industry-leading expertise in heavyweight shipments and flexible supply chain solutions, ensuring customers can ship industrial, commercial and retail goods with confidence. Please visit www.yrcw.com for more information.
Media Contact:
Suzanne Dawson
Linden, Alschuler & Kaplan
212-329-1420
sdawson@lakpr.com
Web site: www.yrcw.com
Follow YRC Worldwide on Twitter: http://twitter.com/yrcworldwide
SOURCE YRC Worldwide
News Provided by Acquire Media
http://investors.yrcw.com/releasedetail.cfm?ReleaseID=593617
Ist doch die Mühe nicht wert auf irgendeinen seiner Ergüsse zu reagieren.
Die Zeit wird schon noch kommen - auch wenn es noch ein seeehr, seeehr weiter Weg ist - dann werden YRCW-Fakten solche Typen verstummen lassen.
Schönes WE !!
Egal ob die Zeiten besser werden.
Hat das noch keiner von Euch Oberschlauen kappiert?
Jetzt werden die Altaktionäre erst mal richtig gemolken.
Drecksbande
Zeitpunkt: 25.07.11 16:59
Aktionen: Löschung des Beitrages, Nutzer-Sperre für 1 Tag
Kommentar: Beleidigung
Optionen
| Boardmail an "o nee" |
Wertpapier: Yellow Corp |
Top Buy and Sell Ideas Based on Last Week's Biggest Losers (Part 1)
July 25, 2011
Sell YRC Worldwide Inc. (YRCW): YRCW is an international provider of asset and non-asset based transportation services across the U.S., Puerto Rico, Canada, Guam and Mexico, via its brands iYellow Transportation, Roadway, Reimer Express, USF Holland, USF Reddaway, USF Glen Moore and New Penn. The stock dropped 21.4% during the past week; it is down 72.3% year-to-date (YTD) and down 99.33% from its 2009 highs less than two years ago.
The company has been flirting with bankruptcy for the last two-and-a-half years, and during that time the proverbial ‘sign on the wall’ has been there for all that have wanted to see it. It has been pretty obvious to all but the utterly faithful that the company was destined for either bankruptcy meaning a complete loss for equity holders, or some kind of a deal that would leave equity holders with a very small fraction of the company. The stock has mounted many tradable strong rallies during the last two years, but every rally has been an opportunity to sell. Sadly, we think that remains the case as even now after the recent restructuring and the steep drop in price, the stock remains expensive compared to its peers.
The recent restructuring deal dilutes existing shareholders leaving them with a paltry 2.5% equity control, with lenders getting 72.5% and the labor union getting 25% of the control. With an implied market cap post-restructuring of almost $2 billion and $1.3 billion in post-restructuring liabilities, the stock trades at an enterprise value (EV) of $3.3 billion which is 16 times its projected 2011 EBITDA of $210 million. In comparison, its peers Con-way Inc. (CNW) trades at 8.3 EV/EBITDA, Werner Enterprises Inc. (WERN) trades at 6.2 EV/EBITDA, JB Hunt Transport Services (JBHT) trades at 10.7 EV/EBITDA and Old Dominion Freight Line Inc. (ODFL) trades at 9.9 EV/EBITDA.
Furthermore, analysts seem to agree with our bearishness on this stock as they give it a mean price target of 25c, and a high of 50c, well below the current $1.03 price; and of the thirteen analysts that cover the company, four rate it at hold, five rate it at underperform, and four rate it sell. Furthermore, none of the 70+ guru funds have a position in this stock. We would look to selling the stock into any future rallies going forward.
http://seekingalpha.com/article/...biggest-losers-part-1?source=yahoo
YRC Worldwide plans another reverse-stock split, reveals Welch’s salary
Kansas City Business Journal - by David Twiddy, Staff Writer
Date: Monday, July 25, 2011, 5:43pm CDT
YRC Worldwide Inc. YRC Worldwide Inc. Latest from The Business Journals Trucking industry urges higher standardsYRC Worldwide names Welch as CEO, finishes restructuringYRC’s Zollars: He would have done few things differently Follow this company , fresh off completing its latest financial restructuring on Friday, now plans to conduct its second reverse-stock split in less than a year.
The Overland Park-based trucking company (Nasdaq: YRCW), which has flirted with bankruptcy during the past few years, disclosed plans for the stock split in a Monday filing with the Securities and Exchange Commission but didn’t provide details, such as timing or the share ratio.
YRC effected a 1-for-25 reverse-stock split in October after prior restructuring efforts caused the number of common stock shares to balloon to 1.2 billion.
The latest restructuring agreement, which closed Friday, also envisions the company issuing millions of new shares to lenders in exchange for forgiving debts and to attract $100 million in new capital, reducing the stake of existing shareholders to 2.5 percent.
Also in the filing, the company said newly appointed CEO James Welch signed a four-year employment agreement and will receive $700,000 a year in salary, as well as stock incentive payments and as much as $250,000 in cash bonuses, assuming the company meets certain performance goals.
Welch also will receive reimbursement of reasonable business expenses, an automobile allowance and relocation assistance. The filing added that Welch won’t receive more than $1 million in total taxable compensation during any fiscal year before Jan. 1, 2013, to avoid additional pension expenses.
By comparison, former Chairman and CEO Bill Zollars, who retired Friday, received $927,030 in 2010 salary.
YRC also appointed Jamie Pierson as interim CFO, replacing William Trubeck, who was interim CFO until he, too, left the company Friday. Pierson works for turnaround firm Alvarez & Marsal Alvarez & Marsal Latest from The Business Journals Top talent? Don’t bank on itHarry & David has plan to exit bankruptcyHarry & David files reorganization plan Follow this company North America LLC; the firm will receive $650 an hour for his services, the filing said.
Several departing executives received bonus payments.
Trubeck received a $150,000 success fee, and John Lamar, the company’s chief restructuring officer, received a $500,000 success fee and $338,667 in payments he would have received through his yearlong employment agreement.
12| View All
http://www.bizjournals.com/kansascity/news/2011/...yfcpc&page=all
Am Ende hat man wohl nur noch eine handvoll Stücke im Depot... ;-)
don`t feed the troll....
- 3,717,948 preferred shares were issued in exchange for a portion of the company’s loans and other debt.
- 1,282,051 preferred shares were issued to the IBT Employee Stock Trust.
- Series A notes ($140 million face value) were issued to a smaller group of the company’s lenders.
- Series B notes ($100 million face value) were sold to investors, providing $100 million in additional liquidity.
“As a result, the company's shareholders at the time of the exchange will be reduced to holding approximately 2.5% 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.”
As discussed in the company’s S-1 filing of May 17, following completion of the restructuring, the company will hold a shareholders’ meeting. In this meeting the company will seek approval from shareholders for the Charter Amendment Merger as described in the S-1 filing. This includes the automatic conversion of the preferred stock into common stock. It is highly likely that shareholders will give this approval, given that holders of the newly issued preferred stock will be able to vote on an “as converted” basis – representing about 97.5% of the company. A vote to approve the Charter Amendment Merger will also allow preferred shareholders to sell their (converted) common stock – the preferred stock is not listed on any exchange.
It is also highly likely that holders of the Series A and Series B notes will convert their debt into common stock, given that the conversion prices are extremely low compared to the 22 July closing price of YRCW shares.
Description of convertible debt | Conversion price |
Conversion price of Series A notes | $0.1134 |
Conversion price of Series B notes | $0.0618 |
Once the company receives shareholder approval for the Charter Amendment Merger, the following securities will be converted, or will become convertible:
Description of debt or equity | Size of holding | Number of common shares this converts into | When conversion will take place |
Preferred stock issued to debt holders | 3,717,948 shares | 1,384,832,389 | Automatic conversion upon shareholder approval of the Charter Amendment Merger |
Preferred stock issued to the IBT Employee Stock Trust | 1,282,051 shares | 477,528,410 | Automatic conversion as above |
Series B notes | $100 million face value | 1,618,122,977 | Will become convertible upon shareholder approval as above |
Series A notes | $140 million face value | 1,234,567,901 | 22 July 2013 (two years after issue date) |
The following table describes the increase in the number of YRCW shares outstanding based on probable future events:
Current shares outstanding | 47,770,650 |
Shares outstanding after conversion of preferred stock into common stock | 1,910,131,449 |
Shares outstanding after conversion of preferred stock into common stock and after conversion of Series B notes into common stock | 3,528,254,426 |
22 July 2013, assuming conversion of all preferred stock into common stock, and conversion of all Series A notes and Series B notes into common stock | 4,762,822,327 |
Once shareholder approval is received, over 1.9 billion shares will be available for sale, compared to the current shares outstanding of less than 48 million. A more probable share count will be 3,528,254,426 shares, which includes the conversion of the Series B notes.
Given the $0.28 valuation we calculated, it’s highly likely most of these new shares will be sold shortly after conversion.
Disclosure: I am short YRCW.
Additional disclosure: The above commentary is provided for informational purposes in only. This article does not take into account your personal circumstances, and as such, you should consider whether its content is relevant to your situation. Before buying or selling any stock you should conduct your own research and analysis, and seek advice from an independent financial adviser. We have a short position in YRCW and will profit if its share price declines.
http://seekingalpha.com/article/...orldwide-shareholders?source=yahoo