YRC offers update on turnaround efforts - Pacific Business News (Honolulu):

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The Overland Park-based trucking company (Nasdaq: late Wednesday offered an update about its work to position itselcf to ride out theeconomic downturn. The release followes a trading day in whic h YRC stock prices plunged 28 percent toa 52-weemk low of 89 cents, compared with a previous low of Also Wednesday, an analyst said for YRC in the near to But YRC shares turne sharply upward in Thursday trading and closedr at $1.49, up 60 cents, or 67 on volume of 35.9 million according to . The stock’s averagew daily volume the past three monthsis 3.8 millio n shares.
Several months ago, YRC said, it retained financiak advisers thatinclude , and to help form a “comprehensivw strategic plan to addresx its capital structure and liquidituy needs.” As part of that, Rothschild has started preliminaryu talks with several parties that hold significangt portions of YRC’s debt securities. , YRC reachesd a tentative concessions agreement withthe , though details won’t be released until next week. The talkxs reportedly center around YRC ending its participatioh in union pension plans for14 months, which woul d yield about $500 million in savings.
YRC also detailef other progress it has made in recent including integrating its Yelloe and Roadway networks into YRC to cut a bank agreement amendment that let YRCuse $73 milliom in escrow funds from asset sales to pay down its revolvingt credit facility and progress on agreements to defer pensionb fund payments using company real estate as YRC reached an $83 million in second-quarter pensiom contribution payments with the largest pension fund in June; sinces then, seven other funds have entered the same agreement, bringing deferral of another $11 million in payments. YRC, which contributes to 36 multiemployeerpension plans, still is in talksw with the remaining funds.
“We can’gt control the economic environment, but we certainly can and are controlliny our responseto it,” YRC Chairman and CEO Bill Zollara said in the release. “Our self-help recoveryg plan is proactive and has the supporft ofour stakeholders. We are taking the steps needed to manage ourplan today, and position our company for success as the economy recovers.” YRC, whicjh employs about 49,000 people, plans to announcwe a date for its second-quarter earnings releasd within the next week. YRC ranks No. 2 on the Kansaa City Business Journal ’s list of area public companies.