2005 with the acquisition of Chicago, Illinois-based LTL carrier USF Corp. and its subsidiaries. This brought Yellow Roadway's revenue to a high of $9.9 billion in 2006 with associated profit increases from $40 million in 2003 to $184 million in 2004 to a high of $288 million in 2005. USF had experienced financial troubles prior to the acquisition but had still reported over in revenue in each of the two prior years. With the USF acquisition, Yellow Roadway restructured itself forming a new subsidiary, YRC Regional Transportation, headquartered in Roadway's home town of Akron, Ohio. This new group replaced former New Penn and Roadway Express parent, Roadway Group. Roadway Express would now be a direct subsidiary of Yellow Roadway. New Penn would be part of the new regional group which would also include USF subsidiaries USF Holland, USF Reddaway, USF Dugan, and USF Bestway. It also included USF Glen Moore, USF's truckload unit. The operations of USF Logistics were absorbed into Yellow Roadway's logistics unit, Meridian IQ. Yellow Roadway also made forays into the international market, particularly China, expanding beyond its existing Canadian operations through Reimer. In September 2005, the company purchased half of Chinese freight-forwarding company JHJ International Transportation Co. Ltd. and in August 2008, bought a 65 percent share of Chinese Shanghai Jiayu Logistics Co. As YRC Worldwide Following these international investments, Yellow Roadway Corp., the parent company of Roadway, Yellow, and other subsidiaries, changed its name to YRC Worldwide in 2006. YRC reported a net loss of $974 million for its 2008 fiscal year. In 2009 it again reported a net loss of $622 million. Towards the end of 2009, YRC narrowly averted having to file for bankruptcy protection by successfully persuading its bondholders to exchange their $470 million in bond notes for roughly 94% of the company's shares. Concurrent with more recent manufacturing sector growth and recovery, since the fourth quarter of 2009, YRC has again been approaching a net positive balance sheet. Nonetheless, its share price declined in year 2010 more than 80%, raising in 2011 suspicions of death spiral financing. In September 2011 the company completed a financial restructuring that essentially wiped out any shareholder equity. All employees, Teamsters included, took massive pay cuts in order to keep YRC in business. In March 2009, Yellow Transportation and Roadway formally merged to create YRC Inc. and Yellow Canada's operations were merged into Reimer Express to