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YRC accounting chief to leave amid sales, debt trouble

By - Last modified: March 19, 2012 at 12:02 PM

Paul Liljegren, the chief accounting officer, corporate controller and senior vice president of YRC Worldwide Inc., on March 23 will leave the troubled trucking company that has a midstate presence.

Kansas-based YRC announced late Friday that Liljegren had resigned his positions with the company and would pursue other opportunities outside the less-than-truckload industry.

The announcement follows other management changes over the past year, as well as the selloff of divisions that are outside of YRC's core focus on the less-than-truckload market aggregating small shipments to create full trucks.

In July, James L. Welch — a 30-year trucking veteran with prior experience at YRC — took over the CEO position. At the same time, the company brought on a new board of directors.

In December, YRC sold its Carlisle-based Glen Moore subsidiary to Celadon Trucking Services Inc., unloading its only truckload division for an undisclosed price.

On March 8, YRC also agreed to sell its stake in Shanghai Jiayu Logistics Co. Ltd. to a minority partner. Terms of the deal were not released and it could close this quarter following Chinese regulatory approval, according to YRC. Analysts said more sales were forthcoming.

Some reports suggest the conglomerate is in no better position than it was before restructuring began, according to Bloomberg.com.

Two years after YRC, its workers represented by the Teamsters and lenders agreed to credit-default swaps to keep the company out of bankruptcy, it's right back in the same position, Bloomberg said. YRC's financial position implies an 87 percent chance of default and its bonds have lost 50 percent of their value in six months, according to Bloomberg.

That echoes the situation an analyst described to the Business Journal in February, saying even if the company is turning things around, its shares are not worth much because of its debt.

YRC, which owns Lebanon-based New Penn Motor Express Inc., trades its shares on the Nasdaq under the ticker symbol YRCW.