Mike
Well-Known Member
The Teamsters National Freight Industry Negotiating Committee said Sunday that it has granted YRC Worldwide Inc. a conditional extension until March 15 on timelines to achieve elements of its comprehensive restructuring plan.
The agreement was reached late on Dec. 31, 2010.
“Unfortunately with the economy and the freight industry still struggling and the company’s lenders hesitant to make any significant concessions given the financial and legal uncertainties created by ABF’s lawsuit, YRCW ran out of time in 2010 to complete any of the significant restructuring elements,” said Teamsters National Freight Division Director Tyson Johnson. “We pushed the envelope to keep people working to find a solution but given what transpired since Oct. 30 we thought it in our members’ best interests to grant some additional time.”
In the Restructuring Plan that was negotiated last September and ratified by Teamster YRCW members in a national mail ballot referendum on Oct. 30, 2010, the company committed to attracting an equity investment and reducing its debt by Dec. 31, 2010.
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The agreement was reached late on Dec. 31, 2010.
“Unfortunately with the economy and the freight industry still struggling and the company’s lenders hesitant to make any significant concessions given the financial and legal uncertainties created by ABF’s lawsuit, YRCW ran out of time in 2010 to complete any of the significant restructuring elements,” said Teamsters National Freight Division Director Tyson Johnson. “We pushed the envelope to keep people working to find a solution but given what transpired since Oct. 30 we thought it in our members’ best interests to grant some additional time.”
In the Restructuring Plan that was negotiated last September and ratified by Teamster YRCW members in a national mail ballot referendum on Oct. 30, 2010, the company committed to attracting an equity investment and reducing its debt by Dec. 31, 2010.
Full Story