Transportation logistics firm YRC Worldwide (YRCW) announced today that for a fourth time, it has extended the deadline for its proposed debt-for-equity swap, the deadline now being shifted to midnight tonight from what had been a deadline of midnight yesterday. YRCW had last revised the offer on Christmas eve after a sufficient number of creditors failed to agree to exchange their notes for the company’s stock. As with last week, secured creditors holding the company’s 2010 notes seem to be the sticking point, with only 53% of secured debt agreeing to the exchange, the same as last week. That’s below the 70% threshold required for the deal to go through.
YRCW shares were up 2 cents, or 2%, at 97 cents.
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