Nov. 9, 2009 (PR Newswire) -- Overland Park, Kan., Nov. 9 /PRNewswire-FirstCall/ -- YRC Worldwide Inc. (Nasdaq: YRCW) announced that it is commencing an exchange offer today for all of the following outstanding series of notes:

--  the company's 5.0% Net Share Settled Contingent Convertible Senior Notes
and 5.0% Contingent Convertible Senior Notes due 2023,
--  the company's 3.375% Net Share Settled Contingent Convertible Senior
Notes and 3.375% Contingent Convertible Senior Notes due 2023, and

--  the 8 1/2% Guaranteed Notes due April 15, 2010 of the company's wholly
owned subsidiary, YRC Regional Transportation, Inc.

with an aggregate face value of approximately $536.8 million, plus accrued and unpaid interest. The debt instruments will be exchanged for shares of the company's common stock and new Class A Convertible Preferred Stock in such amounts as are set forth in the company's Registration Statement on Form S-4 filed today with the Securities and Exchange Commission (the "SEC"), which together on an as-if converted basis would represent approximately 95% of the company's issued and outstanding common stock. This exchange is intended to improve the company's capital structure, decrease its cash interest expense, and enhance its nearterm liquidity.

The company said that the exchange offer, which was commenced following several months of ongoing, active dialogue with representatives of the noteholders, will, if successful, place the company on a more solid financial base and, in concert with other steps taken over the recent past to improve its operations and cost structure, will make it more competitive and position it to take advantage of any upturn in the economy.

To validly tender their notes, the participating noteholders will be required to become party to a mutual release with the company and consent to an amendment of the terms of the notes that would remove substantially all of the material covenants other than the obligation to pay principal and interest on the notes and those relating to the conversions rights of convertible notes, and eliminate or modify the related events of default.

The exchange offer will expire at 11:59 p.m., New York City time, on December 7, 2009, unless extended by the company. Rothschild, Inc. and Moelis & Company LLC are acting as lead dealer managers in connection with the exchange offer. Holders of the notes may contact Rothschild at (800) 753-5151 (U.S. toll-free) or collect at (212) 403-3716 and Moelis at (866) 270-6586 (U.S.