YRC Worldwide to Seek $1 Billion in Bailout Funds - Truckers' Trucking Forum

Scarecrow03 · **^ Top** #1 05.15.2009

YRC Worldwide to seek $1 billion in bailout funds

Fri May 15, 2009 8:46am EDT

Quote:

CHICAGO (Reuters) - No. 1 U.S. trucking company YRC Worldwide Inc ([LINK POSTED BY MEMBER] Only Members Can View This Truck Forum Link. ) plans to seek $1 billion in federal bailout money to help it cover its pension obligations, a spokeswoman said on Friday.
The company, which has been shedding jobs and closing facilities to cut costs in the face of a brutal U.S. recession faces an estimated $2 billion in pension obligations over the next four years, spokeswoman Suzanne Dawson confirmed

[LINK POSTED BY MEMBER] Only Members Can View This Truck Forum Link.

Roadmedic · **^ Top** #2 05.15.2009

They get this and I will file too.

After all, without a bailout, my company will experience a 100% lay off.

Mooney · **^ Top** #3 05.15.2009

How does giving them $1 billion to cover $2 billion in obligations even help?

YRC needs to go away and let the competitors suck up their customer base.

WiseOne · **^ Top** #4 05.15.2009

Quote:

YRC needs to go away and let the competitors suck up their customer base.

Agreed! Some bottom-sucker will pick their base up like JB Hunt or Swift I am quite sure...SCREW giving them $1 billion dollars, that is asinine!

Joedontknow · **^ Top** #5 05.15.2009

Lets print more money and bailout yet another coorporation that deserves to fold in this economy. Where do I file for a bailout? Bankruptcy laws were tightened on the general public, but I guess if I can get incorporated and rack up over a billion in proposed debt then I might qualify huh? Let em burn!!!

rookietrucker · **^ Top** #6 05.15.2009

CEO of YRC Logistics to Leave Company

Quote:

Jim Ritchie, CEO of YRC Logistics, will leave the company at the end of May. He will be replaced by John Carr, who has been the COO of the same division as well as President of YRC Logistics in the Americas and Europe, YRC announced Wednesday. Carr will handle the unit's overall leadership as president and will report to company Chairman and CEO Bill Zollars.

"YRC Worldwide continuously reviews its organizational structures to consider customer requirements, business volumes and efficiencies," the company said. "Since its inception in 2002, the YRC Logistics business has matured as an organization, marking impressive growth and improvements. In light of this, as well as the current economy, we have decided that it is unnecessary to have both a CEO and a president at YRC Logistics, and we should combine the two roles into a single leadership position."

more here>> CEO of YRC Logistics to Leave Company

Mooney · **^ Top** #7 05.15.2009

Customers can't be too thrilled putting their product on YRC trucks, especially after the CEO goes public begging for a cool billion.

The fat lady is tuning up backstage, she'll be singing soon.

rookietrucker · **^ Top** #8 05.15.2009

Wall Street Questions YRC Bailout Plea

Program to stabilize financial markets not related to trucking, says analyst

Quote:

YRC is seeking $1 billion from the federal government for relief from its pension obligations in an unprecedented move as it struggles to keep operating under heavy pressure from its lenders.

YRC Chairman, President and CEO William D. Zollars said the company will apply as early as May 15 for funding from the U.S. Treasury’s Troubled Asset Relief Program.

The request comes just days after YRC warned in an SEC filing May 11 there was “substantial risk” that recent cost reductions and shipment increases at the company would not be enough to meet its $45 million second quarter earnings requirement.

YRC has an annual pension obligation estimated at $2 billion over the next four years. But Zollars has called the system under which YRC must pay the pensions of employees from companies that went out of business years ago “a penalty for success.”

more here>> Wall Street Questions YRC Bailout Plea

relic1228 · **^ Top** #9 05.15.2009

Message to Congress, and President Obama: I am still willing to go bankrupt for a lousy 5 million.

_ton bundle · **^ Top** #10 05.15.2009

Quote:

"YRC Worldwide continuously reviews its organizational structures to consider customer requirements, business volumes and efficiencies,"

Rearranging the deck chairs on the Titanic.

YRC bought companies at the worst possible time. The analysts begged them not to do it. Everyone saw that what they were doing wasn't going to work. You can't bailout egomaniacal stupidity.

FedEx Freight and Conway have been sacrificing hundreds of millions of dollars trying to keep their foot on YRC's throat. The rates that they are giving right now are insane. Bailing out YRC would just prolong the current insanity and decimate the national carrier base.

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