It became clear, in my talks with six YRC executives during my visit and subsequently, that the most compelling story to tell, by far, was about the company’s still-in-progress turnaround - David McCann
New York, NY (PRWEB) February 11, 2015
CFO has published a series of articles chronicling the long financial struggles and recent turnaround of YRC Worldwide, a $5 billion trucking company. It is a compelling story about a proud, 90-year-old company’s desperate dance to avoid bankruptcy from 2008 through 2013 and its emergence last year from survival mode, after many analysts had left the company for dead.
YRC granted CFO deputy editor David McCann an unusually high degree of access to chief financial officer Jamie Pierson as well as five senior members of his team. Their candor in discussing YRC’s troubles and what had to be done to overcome them was remarkable, given that finance executives are known for playing their cards close to the vest.
Along the way, YRC had to handle pressures presented by efforts like getting concessions from its labor union, persuading lenders to forgive debt in exchange for stock in a struggling company, executing ultra-complex financial restructurings, suffering hit after hit on its tax position, and collecting enough cash from customers day by day just to stay alive.
Please enjoy additional stories from this series: Anatomy of a Turnaround: YRC Worldwide; The Refinancing from Hell; A Change in the Requisition Mindset; NOL Carryforward Nightmare; Company ‘Lives Another Day’ Thanks to Revenue Collection; and Counting on IT to Deliver Top Investment Returns.
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