Seeking Alpha

A significant amount of movement in the YRC Worldwide (YRCW) stock price recently was due to announcement of their "refunding" efforts, just a few days prior to Christmas. The press release contained a series of transactions involving their convertible debt, with the total sum of equity raised totaling close to $300 million.. We examined these transactions a bit closer to discern what exactly is the benefit of the change in financing. At first glance it looks like a successful effort of YRCW raising more equity to keep operating capital (CASH) positive and continue their transformation. Closer review reveals the adjustments in financing are not as great as it first appears…. Here was their current debt picture at year...

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