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Trucker YRC Seeks to Defer Millions in Benefits Payments

Mike

Well-Known Member
One of the largest trucking companies in the U.S. is facing new financial strains that could jeopardize health insurance coverage for thousands of its workers in the midst of a pandemic.

YRC Worldwide Inc., which slashed expenses and struck a deal with lenders to improve liquidity during the crisis, skipped March payments to funds that provide medical and other benefits to its unionized workers. The company has asked to defer millions of dollars in payments for March, April and May, and interim agreements with some funds to cover employees now are set to end next month.

A spokesman for Overland Park, Kan.-based YRC said the company is working with the funds and the International Brotherhood of Teamsters union, which represents more than three-quarters of YRC’s workforce, to ensure employees “have uninterrupted access to healthcare benefits.”

 
This is where deferred payments begin to catch up with everyone. Lots of companies accepted deferred payments, now they will struggle to stay functional with no revenue as many of the companies that got the three month break look for even more help.

The economic battle is really beginning now.
 
This is where deferred payments begin to catch up with everyone. Lots of companies accepted deferred payments, now they will struggle to stay functional with no revenue as many of the companies that got the three month break look for even more help.

The economic battle is really beginning now.
I think come September we will start to see the full impact on the economy. The 90 day pay/default deal.
 
I think come September we will start to see the full impact on the economy. The 90 day pay/default deal.
It’s going to be very interesting. We will be in full blown election mode, one that will have lots of business owners nervous.

For truck drivers, particularly truck owners, we will have all the trucks back in service, so yeah, we will see the full impact of this first hand.

At the moment, things are working out very well in my niche. Flirting with 2018 numbers good. I know it won’t last, or at least I’m not planning on it lasting, but I’m getting it while it’s there to help prepare for the unknown in coming months.
 

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