Saturday, February 21, 2015

Share the Road Drivers Show Love for Truckers for Valentine’s Day

IMTA, Truckers Against Trafficking Join Healthy Snack Event at Love’s Travel Stop

Share the Road professional drivers, along with representatives of the Indiana Motor Truck Association and Truckers Against Trafficking handed out healthy snacks as part of a Valentine’s Day themed “We Love Truckers” event in Belleville, Ind.

“As important as it is to take care on the roads,” said Share the Road’s Don Conklin, a driver with YRC Freight, “it is equally important to take care of yourself. While that can be hard on the road, mixing in a nutritious snack can go a long way to keeping you healthy and fit.”

During the event, which took place at the Love’s Travel Stop in Belleville, Ind., off Exit 59 of Interstate 70, Share the Road drivers, along with IMTA staff and representatives of Truckers Against Trafficking distributed healthy snacks as well as mugs, hats, pens and pins, and because it was near the holiday – Hershey’s Kisses.

“Our industry is blessed with thousands of hard-working, dedicated professionals who drive our trucks and move our freight,” said Gary Langston, president of the Indiana Motor Truck Association. “If events like this one can show, even in just a small way, how much we appreciate what they do for our industry and our country, then we’re proud to be a part of them.”

“I’m incredibly proud to be a professional truck driver,” said Share the Road’s Bill Minor, a driver for Con-way Freight, “but I’m more proud to do things that let my fellow drivers know how much they are valued.”

ABF Freight Training Program Rises to Sixth Spot on Training Top 125

Training magazine annually ranks employer-sponsored training and development programs

ABF Freight, on the list for the sixth consecutive year, ranked 11th in 2014

Appearing on the list for the sixth consecutive year, ABF Freight, placed sixth among Training magazine’s Training Top 125, which ranks companies’ excellence in employer-sponsored training and development programs.

“ABF Freight strives to be a leader in recruiting, training and equipping transportation professionals,” said ABF Freight President Tim Thorne. “Once trained, our employees are empowered to serve the specific needs of a diverse group of customers who know that no matter the challenge, we’ll find a way. It is always gratifying to have our efforts recognized by a prestigious publication like Training magazine.”

Now in its 15th year, the Training Top 125 ranking is based on numerous benchmarking statistics such as total training budget; percentage of payroll; number of training hours per employee; goals, evaluation, measurement and workplace surveys; hours of training per employee annually; and detailed formal programs.

“Congratulations to the 2015 Training Top 125 winners. These organizations proved their commitment to effective training and employee development tied to corporate strategic goals,” said Lorri Freifeld, editor-in-chief of Training magazine. “The competition was impressive this year as 27 newcomers earned a place on the list. In addition to recognizing the winners in Atlanta, we will be detailing their achievements and best practices in the January/February 2015 issue of Training magazine.”

Training magazine recognized the 2015 Training Top 125 winners with crystal awards and revealed their rankings at an awards gala during the Training 2015 Conference & Expo February 9-11 in Atlanta. ABF Freight ranked 11th in 2014.

The Refinancing from Hell

YRC's controller is glad that a 2014 refinancing didn't fall under 'troubled debt restructuring,' like a 2011 recapitalization did

This is the second in a series of six articles about the volatile financial misfortunes and turnaround of trucking company YRC Worldwide.

For Stephanie Fisher, the controller at YRC Worldwide, the company’s debt restructuring in 2014 was a walk in the park compared with two others undertaken a few years earlier.

A series of transactions in July of 2011 that included what’s known as a troubled debt restructuring (TDR) was especially mind-numbing. In a TDR, lenders grant concessions to debtor organizations with financial difficulties in a bid to avoid losing principal upon the debtor’s failure. In YRC’s case, lenders forgave $305 million of the company’s debt and rewrote its remaining debt at more favorable terms, in exchange for stock and notes convertible into stock.

Some of the particulars: the lenders received what became 4.6 million shares of common stock on a post-split basis, upon a 1-for-300 reverse stock split on Dec. 2 of that year. YRC’s shares, which had been trading for pennies and would soon have been delisted by Nasdaq, closed at $12.78 that day. The lenders also got $140 million of Series A notes convertible into common stock at the price of $34.02 per share and $100 million of Series B notes convertible at $18.54 per share.

Full article.......

Wednesday, February 18, 2015

Judge Approves Agreement Ending Government Oversight Of Teamsters Union

Chief Judge Loretta Preska of the United States District Court for the Southern District of New York approved an agreement that ends more than 25 years of government oversight of the Teamsters Union.

The agreement, reached last month between the United States of America and the International Brotherhood of Teamsters, dismisses the lawsuit brought by the U.S. Attorney for the Southern District of New York, which led to a consent decree that the Teamsters Union has operated under since 1989.

The consent decree is replaced with a final order, in which the government’s continued involvement in the internal affairs of the Teamsters Union will be phased out over a five-year transition period which commences immediately and ends in 2020.

The final order provides for continued direct membership elections of the Teamsters Union’s International officers and for independent investigation and monitoring of internal disciplinary matters involving allegations of corruption.

“This is an historic agreement that returns our great union to our 1.4 million Teamster members,” said James P. Hoffa, Teamsters General President. “Our union is committed to the democratic process, and we can proudly declare that corrupt elements have been driven from the Teamsters and that government oversight can come to an end.”

Tuesday, February 17, 2015

ABF Freight Remains Unmoved in Relocation

The other shoe hasn’t dropped in North Little Rock.

Last summer, ABF Freight, a subsidiary of ArcBest Corp. of Fort Smith, received a $4 million grant from a Memphis-area economic development group to relocate in Memphis. ArcBest, through affiliate Transport Realty Inc., bought two properties totaling 13.55 acres at the proposed relocation site for about $600,000 in 2014.

The company told the Teamsters union that 25-40 jobs, out of 380, would remain in North Little Rock after the move. But as of last week, the union has not been contacted with an official change of operations notification.

Kathy Fieweger, chief marketing officer of ArcBest, said in an email the company did not have any new information on the possible relocation, including whether the delay in moving east was affected by the retirement in October of Roy Slagle, ABF’s longtime CEO. Slagle was replaced by Tim Thorne.

Tim Nichols, the head of Teamsters Local 878, said the uncertainty has led several union members to leave ABF Freight for more security at UPS Freight. Nichols said the Teamsters are trying to be optimistic that “no news is good news.”

YRC Freight Affirms Its Commitment to America's Heroes

In an effort to affirm its pledge to support and hire those individuals who have served in our nation's military, YRC Freight celebrated its commitment with an event at its Charlotte, N.C. terminal on February 9th. The event underscored YRC Freight's pledge to assist and support America's heroes to find their place in professional civilian careers.

Having joined forces with some of the top agencies in the country when it comes to supporting veterans, YRC Freight is proving that it is serious about its mission to provide career opportunities to the military and has partnered with a number of veteran organizations, such as Hiring Our Heroes, Partnership for Youth Success (PAYS), VA-US Department of Veteran Affairs (VEC-Veterans Employment Center), Employment Partnership Office (EPO), Employer Support of the Guard and Reserve (ESGR), Soldier for Life, Marine Executive Association, U.S. Department of Labor Veterans Employment and Training Services (VETS) and 100,000 Jobs Mission.

"YRC Freight has tremendous professional opportunities for our veterans in numerous career areas throughout our 260 locations across the nation," said Darren Hawkins, president of YRC Freight. "We are actively seeking to increase the number of military professionals in our ranks, citing the valuable skills, expertise and life experience they bring to the table. Not only do our nation's heroes have the drive to succeed in the transportation industry, but many of the skills they have acquired in the military transfer smoothly into the trucking industry, providing a powerful and professional workforce," continued Hawkins.

On hand to speak were Military Veteran Eric Eversole, U.S. Chamber of Commerce VP-Hiring Our Heroes Selden J. Fritschner, Alma Adams, Congresswoman representing North Carolina and Alphonso Lewis, YRC Freight Professional Driver and Military Veteran.

"YRC Freight remains committed to hiring the nation's heroes and leveraging their expertise in the transportation industry. The event in Charlotte highlighted a renewed commitment to our nation's military as well as career opportunities in an industry where their skills are highly valued," added Hawkins.