The Latest YRC Survival Tactic: Deferring Teamsters' Pension Payments

Discussion in 'YRC' started by Mooney, Apr 17, 2009.

Apr 17, 2009 #1

Mooney Road Train Member

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YRC Worldwide is asking its lenders and the Teamsters union for permission to defer some pension payments if it offers real estate from its trucking terminals as collateral. Lender JP Morgan Chase Bank holds to key to this gambit. If the bank refuses, YRC's financial future could be in jeopardy as the highly leveraged $9.6 billion company--which has lost at least $1.5 billion the last two years in the roughest freight environment in the past 30 years--struggles to stay within bounds of its debt covenants.
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http://www.glgroup.com/News/The-Lat...efrring-Teamsters-Pension-Payments-37521.html

Mooney, Apr 17, 2009

Mooney, Apr 17, 2009

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