YRC Struggling to Raise Cash

May 31, 2009

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Financial struggles continue for less-than-truckload giant YRC Worldwide.

The Western Conference of Teamsters Pension Trust ha reffered its 10 YRC accounts to its attorneys for collection, reported the Journal of Commerce Friday.

YRC, which posted a $257 million loss in the first quarter, announced earlier in the month that it would seek $1 billion in federal bailout money to help relieve pension obligations, according to a report in the Wall Street Journal.

News reports indicate the company sold its headquarters off of I-435 in Overland Park, Kan., to a group of local investors in order to raise cash. The deal includes a least that allows YRC to stay in the building for 30 years.

In good news, YRC lenders waived an earnings target for the second quarter.

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