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.