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.