On June 18, representatives from Teamsters freight locals met in Chicago to discuss the operating and financial condition of YRCW.
Based on both internal and independent analyses provided by financial consultants, representatives from each Teamsters freight local union unanimously agreed to give authority for the Teamsters National Freight Industry Negotiating Committee (TNFNIC) to negotiate with stakeholders to address YRCW's need for additional operating cash.
Any proposed modifications, when agreed upon, will require a vote of approval by YRCW Teamster members.
The Teamsters believe these actions, if undertaken along with similar commitments from other stakeholders, will provide the company with significantly enhanced liquidity to operate through the current recession.
TNFNIC will keep Teamster Local Unions and members informed of all developments regarding negotiations and updates will be posted on www.teamster.org.