YRC Worldwide stock dived 63% today. The cause was evident. The company announced a swap of debt for new convertible Class A preferred shares.This a big trucking company that is suffering from a freight recession. Just last week they announced a 45% drop in 3Q revenue compared with last year. Now the company is trying to survive.
I am not too hyped on YRC Worldwide. The company has been losing customers. And the demand is just not good right now. I am going to stay away from the stock. The only good news is that the union seems to back the agreement for the debt swap. Good luck YRC. You are going to need it.
