Friday, April 02, 2010

Searching for Balance

The uncertain economy is wreaking havoc for less-than-truckload carriers. Declining volumes are causing unprecedented overcapacity and aggressive pricing reductions, while some shippers are shopping based primarily on price in what many experts are calling the worst market ever for the industry.

These market conditions forced a number of companies to cut salaries, staff, and even 401K matches. Yet, despite these draconian market conditions, LTL providers are finding innovative ways to stay the course while awaiting a lifeline from the economy. Full Story......

Businesses On The Brink: Change Or Fail?

Many major companies like Circuit City and Linens 'n Things went bankrupt during the economic crisis of 2008-2009. These companies folded under high debt levels and a decline in sales. Just because some companies were able to survive the economic downturn of the past few years doesn't mean they are out of the woods yet.

Companies like Blockbuster and Borders are going down with their industries, meaning that making drastic changes is their only option. Here are five major companies that are on the brink of bankruptcy. Full Story.....

YRC seeks court ruling to avoid $20 million payment to bondholders

YRC Worldwide Inc. is seeking a court ruling to avoid an imminent $20 million payment to bondholders who didn’t cooperate in the company’s restructuring late last year.

The Overland Park trucking company Thursday filed its request for summary judgment in federal court in Kansas City, Kan., against Deutsche Bank Trust Co. Americas. Deutsche is the noteholders’ trustee. Full Story......

Sunday, March 28, 2010


A subcommittee of the Teamsters National Freight Industry Negotiating Committee (TNFINC) exchanged information with ABF representatives late this week and engaged in preliminary discussions about the company’s financial needs.

Further discussions between the Teamsters and ABF will begin once an independent financial advisor has verified the company’s financial needs.

More information will be released as it becomes available.

For updates, visit


Protecting pensions and saving jobs is the top priority of the Teamsters Union, which has launched a grassroots offensive to win pension relief from Congress, General President Jim Hoffa told trustees this week.

Teamster trustees from across the nation met in Scottsdale, Ariz., at the annual Trustee Education Conference to strategize about tackling the funding pressures facing all pension plans because of the financial crisis. General Secretary-Treasurer Tom Keegel also addressed the conference.

"We have devoted thousands of hours and held dozens of meetings with the White House and Congress to fight for pension relief," Hoffa said. "We're making a lot of progress, but we need your help to fix the pension problem in this country."

Thanks to that outreach, two bills have been introduced in Congress that would provide pension relief. Sen. Bob Casey, D-Pa., is sponsoring the "Create Jobs and Save Benefits Act of 2010," which would change funding rules so employers won't have to make payments that could force them into bankruptcy. Employers can use the savings to hire and retain workers.

In the House, Reps. Earl Pomeroy, D-N.D., and Pat Tiberi, R-Ohio, have introduced a similar bill.
General Secretary-Treasurer Tom Keegel urged trustees to get involved and to help mobilize Teamsters.

"We need your commitment and leadership now more than ever," Keegel said. "You're on the front line in this battle. We can't sit around and wait for Congress to do the right thing. We must demand that our needs are heard and met."