YRC Worldwide has inked a $470 million debt-for-equity swap deal with its bondholders, The Wall Street Journal reports. The agreement will help the trucking company avoid a bankruptcy filing.

The company, which runs under the Yellow, Roadway and New Penn brands, has received the tender for 88% of its notes. The swap will give the bondholders a 95% stake in YRC in exchange for tendering the notes. The company had been increasing the deadline on the swap offer to get bondholders support to swap about $536.8 million in notes for equity.

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