(HANDY SHIPPING GUIDE) — Less Than Trailer Load (LTL) freight truck specialists YRC (Yellow Roadway Corp.) Worldwide, who were dropped from the Dow Jones Index earlier this month, are still renegotiating their near $537 million debt for equity swap to ensure the group’s continued survival.
YRC have already postponed the deadline for acceptance of their terms on three occasions but the matter needs a rapid conclusion if the hauler is to avoid bankruptcy. The group needs to repay almost $20 million in interest on their loans and it seems New Years Eve is the likely deadline.
Meanwhile Arrow Trucking of Tulsa have reportedly gone into bankruptcy leaving over two hundred office staff and fourteen hundred truck drivers with no jobs and many with no rigs as the company collapsed. Truckers have been left with unpaid wages and gas bills and very little information as the company website vanished and telephones remain unanswered.
The Arrow office telephone has a recorded message telling drivers to turn their rigs in at the nearest dealer and they will be given a bus ticket to get them home.