YRC Shareholders Approve Restructuring Plan

Shareholders of YRC Worldwide voted to approve a restructuring plan for the less-than-truckload carrier, Bloomberg reported.

The vote, held Friday, will result in dilution as the company restructures after four years of losses, Bloomberg said.  YRC completed its restructuring plan in July.

YRC will issue about 1.86 billion new common shares by converting preferred stock, the company said in a regulatory filing. That will leave current holders with about 2.5% of its common stock.

Both preferred and common stockholders voted Friday, Bloomberg said.

YRC, built by $2.44 billion in acquisitions in 2003 and 2005, was the biggest public U.S. trucker by sales in 2009.

After the restructuring, CEO Bill Zollars stepped down along with Chief Financial Officer Bill Trubeck. YRC named James Welch CEO in July. He was formerly head of Yellow Corp.’s Yellow Transportation from 2000 to 2007.

YRC is ranked No. 4 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.