Trucker says it won't apply for bailout after all

The nation's largest publicly traded trucking company has told its customers it hasn't applied for a government bailout and doesn't plan on applying for one, reversing intentions widely reported last month.

Media reports stirred in May that troubled trucker YRC Worldwide Inc. - which runs trucks under the names Yellow Transportation and Roadway - would ask for $1 billion in aid from the federal bailout fund, officially known as the Troubled Asset Relief Program, or TARP. At that time, YRC Chief Executive Bill Zollars told the Wall Street Journal that by applying for the funds, he hoped to spark a conversation with lawmakers about the company's hefty pension obligations.

The Overland Park, Kan.-based company's obligations are estimated at about $2 billion, a large chunk of that from multi-employer plans. Zollars claimed the pension obligations are unfair because YRC must now pay for employees who never worked for the company. Full Story.....