YRC Worldwide Inc. (NASDAQ: YRCW) shares plummeted more than 22% to $1.59 in today�s trading after the company missed an important deadline in its restructuring process, which has put the trucking company in danger of having to file for bankruptcy protection. According to YRC�s annual report, which it filed with the SEC on Monday, the milestone failure occurred last week. In the filing, the company mentioned that its lenders could declare it to be in default on its credit agreements.
In the filing, YRCW mentions that the required lenders have not indicated that they plan to declare an event of default under the credit agreement, and that the company is continuing to work with the parties. The company said that it is not in a position to provide any assurance that the required lenders will not declare an event of default under the credit agreement. It added that in the event the required lenders declare a default under the credit agreement, the company may seek protection under the U.S. Bankruptcy Code.
Overland Park, Kansas-based YRC Worldwide is a holding company, offering a variety of transportation services through its wholly owned operating subsidiaries. The services provided by the company include global, national and regional transportation, as well as logistics.
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