Speculation that the company was on the verge of bankruptcy was fueled by a publicly acknowledged "milestone failure" in a report to the Security Exchange Commission in mid-March.
John Lamar, YRC Worldwide Chief Restructuring Officer stated, "We have been working closely with JP Morgan, agent for the senior secured lender group, the steering committee, the company's pension funds and the Teamsters National Freight Industry Negotiating Committee and we are very pleased with the progress that has been made and the support we have received. All stakeholders are continuing to finalize definitive agreements to complete the company's financial restructuring."
--PRNewswire, Businessweek, Kansas City Star
