Skip to content
Search AI Powered

Latest Stories

newsworthy

YRC agrees to fifth extension of tender offer

LTL sees progress in acceptance rate for debt-for-equity swap.

YRC Worldwide, Inc., today extended for the fifth time its offer to bondholders to tender more than $530 million in debt for more than one billion newly issued equity shares and effective control of the troubled less-than-truckload carrier. The latest deadline is set to expire Dec. 30 at 11: 59 PM New York time.

The extension comes as YRC reported progress in convincing bondholders to accept the debt-for-equity swap. According to YRC, 94 percent of its outstanding debt had been tendered as of Dec. 29, up from the 81 percent that was tendered as of the prior day.


In addition, 59 percent of the notes issued by YRC's regional unit have been tendered, up from 53 percent on Dec. 28. As those bonds pay a much higher rate than YRC's other debt, holders of that debt have been reluctant to tender them.

Originally, YRC's lenders stipulated that 95 percent of the debt would need to be tendered before they would make available the $106 million in funds YRC needs to make $19 million in interest and fee payments by Dec. 31. Without access to those funds, YRC, the nation's largest less-than-truckload (LTL) carrier by sales, will likely not meet the deadline and would probably file for bankruptcy protection.

Analysts believe, however, that YRC's lenders will be willing to accept a lower tender rate than 95 percent.

The Latest

More Stories

team collaborating on data with laptops

Gartner: data governance strategy is key to making AI pay off

Supply chain planning (SCP) leaders working on transformation efforts are focused on two major high-impact technology trends, including composite AI and supply chain data governance, according to a study from Gartner, Inc.

"SCP leaders are in the process of developing transformation roadmaps that will prioritize delivering on advanced decision intelligence and automated decision making," Eva Dawkins, Director Analyst in Gartner’s Supply Chain practice, said in a release. "Composite AI, which is the combined application of different AI techniques to improve learning efficiency, will drive the optimization and automation of many planning activities at scale, while supply chain data governance is the foundational key for digital transformation.”

Keep ReadingShow less

Featured

manufacturing job growth in US factories

Savills “cautiously optimistic” on future of U.S. manufacturing boom

The U.S. manufacturing sector has become an engine of new job creation over the past four years, thanks to a combination of federal incentives and mega-trends like nearshoring and the clean energy boom, according to the industrial real estate firm Savills.

While those manufacturing announcements have softened slightly from their 2022 high point, they remain historically elevated. And the sector’s growth outlook remains strong, regardless of the results of the November U.S. presidential election, the company said in its September “Savills Manufacturing Report.”

Keep ReadingShow less
dexory robot counting warehouse inventory

Dexory raises $80 million for inventory-counting robots

The British logistics robot vendor Dexory this week said it has raised $80 million in venture funding to support an expansion of its artificial intelligence (AI) powered features, grow its global team, and accelerate the deployment of its autonomous robots.

A “significant focus” continues to be on expanding across the U.S. market, where Dexory is live with customers in seven states and last month opened a U.S. headquarters in Nashville. The Series B will also enhance development and production facilities at its UK headquarters, the firm said.

Keep ReadingShow less
container cranes and trucks at DB Schenker yard

Deutsche Bahn says sale of DB Schenker will cut debt, improve rail

German rail giant Deutsche Bahn AG yesterday said it will cut its debt and boost its focus on improving rail infrastructure thanks to its formal approval of the deal to sell its logistics subsidiary DB Schenker to the Danish transport and logistics group DSV for a total price of $16.3 billion.

Originally announced in September, the move will allow Deutsche Bahn to “fully focus on restructuring the rail infrastructure in Germany and providing climate-friendly passenger and freight transport operations in Germany and Europe,” Werner Gatzer, Chairman of the DB Supervisory Board, said in a release.

Keep ReadingShow less
containers stacked in a yard

Reinke moves from TIA to IANA in top office

Transportation industry veteran Anne Reinke will become president & CEO of trade group the Intermodal Association of North America (IANA) at the end of the year, stepping into the position from her previous post leading third party logistics (3PL) trade group the Transportation Intermediaries Association (TIA), both organizations said today.

Reinke will take her new job upon the retirement of Joni Casey at the end of the year. Casey had announced in July that she would step down after 27 years at the helm of IANA.

Keep ReadingShow less