It’s back to the negotiation table for the financially troubled parent of several trucking companies, YRC Worldwide, following Teamsters Union employees voting down a contract extension.

YRC Worldwide has announced it is in discussions with union officials to determine the next steps to move the company forward following last week's vote

“The company plans to revise its proposal to both work within the requirements of the capital markets to refinance the company and protect the jobs of its 32,000 employees,” YRC said.

"It is clear the Teamsters understand the urgency of the current situation," said YRC Worldwide CEO James Welch. "Although the company must achieve operational costs savings in the agreement, we also understand that simply re-voting the same proposal is not an option."

The Teamsters also issued a statement saying, “In light of the rejection we have asked YRC Worldwide to review its position with all of its key stakeholders including their existing lenders and potential investors. In addition, as we communicated with Teamster local unions, we have told the company that we will not revote the same proposal that was rejected.”

The union says it is willing to consider “a modified proposal that would protect our members and enhance the company's financial position, but that it must contain meaningful improvements over the last proposal.”

In announcing the vote results of 61% to 39% last week against the new contract, Tyson Johnson, director of the Teamsters national freight division and co-chairman of the Teamsters National Freight Industry Negotiating Committee said, “Our members have made huge sacrifices to keep this company alive and a majority made the decision not to sacrifice anymore.”

YRC had hoped the Teamsters would extend their current work agreement into 2019, following the union earlier making wage and benefit concessions. Such approval is needed if YRC expects to secure financing for more than $1 billion dollars in debt following massive financial losses the past several years.