Teamsters See Need For 'Comprehensive Restructuring' At YRC Worldwide

The Teamsters union said late Friday that it will only support new employee concessions at YRC Worldwide Inc. if the effort "supports a comprehensive restructuring" at the struggling trucking company.

"Our goal is to facilitate that restructuring and protect as many Teamster jobs as possible," the International Brotherhood of Teamsters said in a statement to its members.

The union said it will agree to submit recent YRC cost-saving proposals for ratification of its members only "if certain conditions are met." It noted that it has not yet reached a formal agreement with the company but is continuing to negotiate.

The union didn't specify the "certain conditions" it's seeking. But it said the broad effort must support "a comprehensive restructuring that will give the company the best opportunity to not only survive, but thrive, over the long term."

A YRC representative wasn't immediately available for comment.

YRC Worldwide To Appeal Delisting From Nasdaq Stock Market

YRC Worldwide Inc. has a month to prepare after an appeal after being told it faces delisting from the Nasdaq Stock Market, the company said Tuesday.

The U.S. trucking group faces an appeal hearing on Oct. 7 and continues to evaluate the timing and size of a reverse stock split to push its share price above $1, in accordance with exchange rules.

The company's liquidity problems have seen its shares trade below the $1 required for listing since Jan. 15, falling as low as 10 cents and closing Tuesday at 27 cents. YRC Worldwide said the delisting is stayed until the Nasdaq appeals panel makes its decision, expected 30 to 45 days after the Oct. 7 meeting.

The company previously has said the planned reverse split will range from 1:25 to 1:5.

YRC announces its plan to avoid stock's delisting

Trucking company YRC Worldwide says that it plans to request a hearing with NASDAQ exchange executives if it gets, as it expects, a notice saying its stock will be delisted.

The NASDAQ earlier this year warned the Overland Park, Kan.-based company that its stock was in danger of being delisted because its share price had fallen too low — less than $1 per share for 30 consecutive business days.

YRC was given 180 days, until Aug. 30, to meet the listing standards. But share prices have not risen above $1 per share. The company is the parent of the former Akron-based Roadway Corp.

YRC directors have authorized a 5-1 to 25-1 reverse stock split that would bring the per-share price above $1. The split can be done by Feb. 17.

''We would intend to request a hearing with NASDAQ to present a plan of compliance,'' YRC stated in its third-quarter 10-Q filing with the Securities and Exchange Commission. ''The request for a hearing will stay the delisting of our common stock.''

The company said it expects a hearing would be scheduled 30 to 45 days after the exchange receives its hearing request. YRC said it cannot assure stockholders that the NASDAQ will grant an extension.