Shares in YRC Worldwide lost almost a fifth of their value on Christmas Eve after North America’s biggest truck operator said it was in talks with a group of banks to ease terms of its credit facilities.
It also cancelled an offer to buy back up to $150m in senior debt after failing to finalise proposals for a 10 per cent wage cut with the Teamsters union. The wage cut, designed to sharpen YRC’s competitive edge against non-union operators, was a condition of the buy-back offer, which expired on December 23.
