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.”
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.”
Trucker YRC Seeks to Defer Millions in Benefits Payments
YRC Worldwide, 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.
www.wsj.com