YRC Worldwide's teamster drivers have voted in favor of an offer that clears the way for a $1.4 billion refinancing plan. Bloomberg News reported late Sunday night that local Teamster members voted 66 percent in favor a four-year extension of the current labor agreement. Bloomberg quotes a union spokesperson, Leigh Strope, saying the proposal maintains cuts of 15 percent in pay and 75 percent in pension contributions.

Earlier this month, union members had voted 61 percent against a package of concessions. YRC then negotiated a second vote on a reworked accord that YRC president Jack Welch called “the best -- and only remaining -- path forward.” The refinancing plan was contingent on union members accepting a four-year contract extension with its cuts and roll-backs.

Read the full Bloomberg story here.