YRC offers update on turnaround efforts - Kansas City Business Journal:

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The Overland Park-based trucking company (Nasdaq: YRCW) late Wednesdayu offered an update about its work to position itself to ride out theeconomic downturn. The release followed a tradintg day in which YRC stock prices plungesd 28 percent toa 52-week low of 89 compared with a previouas low of $1.20. Also an analyst said for YRC in the near to But YRC shares turned sharply upward in Thursday trading and closed at up60 cents, or 67 percent, on volumes of 35.9 million shares, according to . The stock’s average daily volume the past three monthseis 3.8 million shares.
Several months ago, YRC said, it retaine d financial advisers thatincludwe , and to help form a “comprehensive strategi c plan to address its capital structure and liquidith needs.” As part of that, Rothschild has started preliminary talk with several parties that hold significan t portions of YRC’s debt securities. , YRC reached a tentative concessionsx agreement withthe , thoughh details won’t be released until next The talks reportedly center around YRC endingg its participation in union pension plans for 14 which would yield about $500 million in YRC also detailed other progress it has made in recengt months, including integrating its Yellow and Roadway networks into YRC to cut costs, a bank agreemen t amendment that let YRC use $73 millioh in escrow funds from asse sales to pay down its revolving credit facility and progresa on agreements to defer pension fund payments usinfg company real estate as collateral.
YRC reachefd an $83 million in second-quarterr pension contribution payments with the largest pension fund in since then, seven other funds have entere d the same agreement, bringing deferral of another $11 million in YRC, which contributes to 36 multiemployer pension plans, still is in talks with the remaining funds. “We can’t controol the economic environment, but we certainly can and are controllingv our responseto it,” YRC Chairmaj and CEO Bill Zollars said in the release. “Our self-help recovery plan is proactive and has the supporf ofour stakeholders.
We are takintg the steps needed to manage our plan and position our company for success as theeconomy YRC, which employs about 49,0009 people, plans to announce a date for its second-quartef earnings release within the next YRC ranks No. 2 on the Kansasx City BusinessJournal ’s list of area public companies.