- YRC Worldwide (YRCW -0.7%) CEO James Welch asked union bosses to extend a labor accord into 2019 to aid the struggling trucker in its effort to refinance its debt, Bloomberg reports. "Our lenders will not refinance our debt unless we have a five-year agreement along with an improved cost structure and operational performance," YRC's presentation read.
- YRC delayed its earnings release to Nov. 12 due to meetings with the Teamsters Union in which the company asked the group to reduce absenteeism and provide predictable future wage/benefit increases.
- The company faces a grim fate, and is using it as a bargaining chip. A graph in the presentation depicted 2 options - the first refinancing, the second a truck driving off a cliff.
YRC CEO asks union to extend labor agreement through 2019
Nov 8 2013, 17:50 ET