Citi Reports YRC May Be Facing Another Bankruptcy

Citi has reported that YRC Worldwide YRCW could be facing bankruptcy again.

According to the report, "While the market remained volatile on fears following the aftermath in Japan this week, the LTL stocks held steady as YRC Worldwide (YRCW, not rated) once again faced the possibility of bankruptcy. YRC, at one point a $10 billion company and the largest LTL carrier, has been dodging bankruptcy over the past two years through the help of wage concession agreements with the Teamsters union (which represents a majority of YRC employees), a debt-for-equity exchange offer (which allowed it to defer debt interest payments and access liquidity), and leniency from its lenders."

YRC closed yesterday at $1.32 a share.