The Overland Park, Kansas-based company said in a news release that more than 95 percent of its senior secured lenders have approved the plan, which would leave existing shareholders with about 2.5 percent of the company's outstanding common stock.
The plan, which the company expects will lead to $100 million in new capital, was also approved by the company's pension funds and the Teamsters Union, YRC said.
The company said it is on target to close the restructuring in July.
The company has been struggling for more than a year with debts of more than $1 billion. (Reuters)
