A victory over Wall Street

摘要

YRC Worldwide has managed to ward off bankruptcy. The North American transport company, which has 55,000 employees and annual revenues of USD 9 billion, was able to convince 88% of its bondholders that its rescue plan will work.rnYRC Worldwide has won its battle against hedge funds. Filing for bankruptcy can be avoided for the time being, now that 88% of the company's creditors agreed to convert its USD 470 million bank loans into share capital. YRC said that the fate of the firm and 35,000 families had rested on a small group of bondholders. No other trucking enterprise of this size has ever survived bankruptcy, according to YRC's chief executive Bill Zollars.