Wednesday, October 30, 2013
Will YRC seek extension on labor union concessions?
Late on Monday, the Overland Park-based less-than-truckload carrier sent out a statement calling Teamster leadership to meet in Dallas on Nov. 5. The statement said company leadership will be on hand to discuss the company's "recent performance, future prospects, corporate refinancing opportunities and the need to pro-actively align multiple stakeholders in advance of 2014 debt obligation deadlines."
The statement also pointed out the upcoming deadline for the current agreement between the company and the labor union that represents 25,000 of the company's 32,000 employees. That agreement, based on a series of concessions that cut Teamster wages and stopped pension payments, runs through March 2015. It saves YRC more than $350 million in labor costs annually. Full Story.......