YRC extends debt-for-equity swap deadline by one day

Updated with YRC comment.
Debt deal vital for YRCYRC Worldwide has given its bondholders an extra 24 hours to consider accepting a debt-for-equity deal that is a key element to the trucking firm's survival plan.

A Tuesday filing with the Securities and Exchange Commission changed the deadline to Dec. 8 at 10:59 p.m.

YRC said it revised the deadline because Veterans Day did not count for one of the 'open for at least 20 days' required by the SEC for such tender offers.

The Overland Park-based company also said it would not make an interest payment due today, but would factor that into its debt-equity exchange plan.

If the exchange offer is approved, creditors would gain about 95 percent of YRC's common stock. The deal would provide YRC with access to a $106 million credit line, among other things.

YRC has sold assets, gained concessions from union and non-union workers and laid off employees in an effort to cut costs and ride out the recession.

Shares in YRC were down 3 cents at 11 a.m., to $1.15.