The latest, from Reuters,

By Carey Gillam
OVERLAND PARK, Kan., Dec 31 (Reuters) – U.S. trucking giant YRC Worldwide said on Thursday it averted bankruptcy by successfully negotiating a critical debt-for-equity exchange that wipes out $470 million in debt and gives the struggling company access to needed credit as it restructures.
The company said holders of 88 percent of the company’s outstanding notes had agreed to the swap, including 70 percent of YRC’s 8-1/2 percent notes. It was that group of noteholders who had been holding up the exchange, and who have been publicly pressured in recent days by the company’s union to agree to the deal.
On Wednesday, YRC had warned that if enough noteholders did not agree to the swap it might need to file for bankruptcy.
“The success of this note exchange marks a major turning point for YRC Worldwide,” said YRC CEO Bill Zollars in a statement. “With our significantly restructured balance sheet and enhanced liquidity, we will move forward from a more solid financial foundation.”
Under the terms of the swap, YRC said it will issue to tendering noteholders approximately 37 million shares of common stock and 4.346 million shares of Class A convertible preferred stock which, together on an as-if converted basis, will represent approximately 94 percent of the company’s total issued and outstanding common stock.
YRC said it will now be able to defer $19 million of fourth-quarter lender interest and fees, and will have access to the $159.8 million revolver reserves.