- YRC Worldwide (YRCW) has raised $300M in shares, which will allow the trucking company to repay part of its $1.4B debt, including $69M that is due this month. The firm is also set to receive loans of $1.15B by the end of February.
- YRC sold $250M worth of stock and converted $50M of bonds into shares.
- The fundraising came after Teamsters approved a labor agreement on Monday in vote that enabled the financing to take place.
- "We'll have nothing but clear air and runway for us to focus in on operations for the next five years," says CFO Jamie Pierson.
YRC future looking calmer after fundraising
Feb 2 2014, 01:53 ET