for employees under the National Master Freight Agreement. The company hopes to reduce the company's cost structure and preserve operating capital.
"Entering into discussions with the Teamsters is another important step in our overall plan to strengthen our financial position during this difficult economic climate," said Bill Zollars, chairman, president and CEO of YRC. "We have made progress with various stakeholders, including our pension plan trustees and our bank lending group, to modify agreements, and we are grateful to the Teamsters for their willingness to consider further adjustments to our contracts to help reduce our cost structure and enable us to be competitive with others in our industry."
YRC recently struck a deal with Central States, Southeast and Southwest Areas Pension Fund to use a portion of its real estate as collateral in lieu of making pension contribution payments during the second quarter. Under a recent amendment to its bank agreement, YRC will use escrow funds from prior real estate transactions to pay down the revolving credit facility without reducing the company's borrowing availability under the facility.