YRC Worldwide Inc. has completed its financial restructuring process, issuing 1.9 billion new shares of stock, driving its shares to an all-time low and raising the prospect of new steps to buoy the trading price.

Shareholders of YRC Worldwide voted to approve a restructuring plan for the less-than-truckload carrier, Bloomberg reported.

Mike Smid, president of YRC Inc. and YRC Worldwide’s chief operations officer, has retired, the company said.

James Welch, installed last week as CEO of financially challenged YRC Worldwide, freely admits that he carefully considered his “homecoming” for several weeks before accepting the task of turning around a company that lost more than $2 billion between 2008 and 2010.

YRC Worldwide said it has named transportation industry veteran James Welch its new CEO, effective immediately, following the company’s restructuring.

YRC Worldwide said late Friday it has completed the financial restructuring plan it first announced in April, completing the last remaining milestones.

YRC Worldwide said Friday it lost $39 million, or 81 cents per share, in the second quarter, compared with a loss of $10 million, or 24 cents, a year ago.

YRC Worldwide became the fourth less-than-truckload carrier this month to set a general rate increase of an average 6.9%.

YRC Worldwide expects to turn an operating profit in the second half of this year, the company said in a regulatory filing. It would mark the first such time since late 2007.

YRC Worldwide said Monday it has obtained commitments for a three-year, $400 million asset-based loan that will replace its existing asset-backed securitization facility.