YRC Worldwide

After YRC's Teamsters shoot down management's proposal for further wage and benefits cuts, stakeholders wonder if and when customer defections could begin.

For YRC Worldwide, it’s onto Plan B in the wake of the stunning rejection of a five-year deal to continue 15 percent wage and benefit cuts by its 26,000 Teamsters workers.

In an effort to restore its financial footing and refinance its debt load, less-than-truckload (LTL) transportation services provider YRC Worldwide is looking to collect $1.15 billion in loans, according to a Bloomberg report published yesterday.

Ballots are going out Tuesday to about 26,000 Teamsters on continuation of a wage and pension concession package that will save the ailing carrier about $100 million annually. Results of the rank-and-file vote will be announced Jan. 8 and could go a long way in determining the future of 80-year-old YRC, which has lost in excess of $2.6 billion in the last decade.

财务境况不佳的YRC Corp .)标准ent of the second-largest group of LTL carriers, is asking its 26,000 Teamsters employees to continue working at a 15 percent wage reduction and benefits cuts through 2018 in a labor proposal company officials have describe as vital to the future of the 87-year-old company.

The company reported late yesterday that consolidated operating revenue for the quarter—at $1.253 billion—was up 1.3 percent annually, while consolidated operating income fell from $27.3 million to $5.8 million year-over-year.

Financially struggling YRC Worldwide Inc., parent of the second-largest LTL carrier in the nation that has lost more than $2.6 billion in the last six years, has initiated discussions with the International Brotherhood of Teamsters in seeking another round of wage and benefit concessions.

Late last week, the United States Court of Appeals for the Eighth Circuit affirmed the lower court’s decision to dismiss a complaint by less-than-truckload carrier ABF Freight System against the International Brotherhood of Teamsters and various subsidiaries of less-than-truckload transportation services provider YRC Worldwide, ABF said today.

ABF Freight System, the nation’s sixth-largest LTL carrier, has a framework for a new five-year labor agreement with the Teamsters union. Neither side is discussing details of the deal, which still must be ratified by between 6,000 and 7,500 ABF workers.

沛富说,重点是其正在进行的劳动协商ations and other strategic and operational initiatives and that a transaction with YRC is not appropriate at this time.

Following February’s announcement that it had achieved a positive annual operating income in 2012 for the first time in six years, the Overland Park, Kan.-based carrier said today it had a positive first quarter operating income—also for the first time in six years.

LM Group News Editor interview James Welch, CEO of YRC Worldwide, about the LTL market, the company’s recently approved change of operations for YRC Freight, its national LTL entity, regional LTL, and YRCW’s plans to continue improving its bottom line, among other topics.

YRCW officials said that that the network optimization is a key component of YRC Freight's strategy to continuously improve customer service by reducing the handling of shipments and excess time in transit.

YRC Freight, the largest subsidiary of less-than-truckload transportation services provider YRC Worldwide, said this week that it completed an agreement with Clean Energy Fuels Corp. in which it will buy four liquefied natural gas (LNG) trucks to be used in Southern California.

Posting sharply improved third quarter operating results in the 15th month under new CEO James L. Welch, YRC Worldwide reported Friday an operating profit of $27.3 million on top of a $15.5 million operating profit in the second quarter.