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The financially troubled parent of several trucking companies, including YRC Freight, hopes to borrow $1.15 billion to refinance its debt, according to Bloomberg News.
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The parent to several trucking companies, YRC Worldwide, has announced that local union leaders of the Teamsters Union have approved sending the company's proposed changes to the current Memorandum of Understanding to its 26,000 YRCW members for a vote.
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The financially troubled parent company to several fleets, YRC Worldwide, is looking to investors to help it pay off some debt, according to the Journal of Commerce.
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On Tuesday officials with the parent company to several trucking operations, YRC Worldwide, met with representatives of the Teamsters Union in Dallas to update them on the company's most recent performance, future prospects and corporate refinancing opportunities.
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ABF Freight System has again lost a court challenge against the Teamsters Union and competitor YRC Worldwide for a second time.
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After nearly filing for bankruptcy more than once in recent years and with financial losses that aren’t stopping, the parent of the trucking company, YRC Freight, along with others, is looking at restructuring its debt yet again
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The parent to several trucking companies, YRC Worldwide, lost money in the second quarter of the year, but not as much when compared to the same time a year ago.
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Just before reporting positive first quarter numbers, the parent of several less-than-truckload carriers, YRC Worldwide, reportedly made a bid for competitor ABF – without success.
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The Teamsters union has approved the network optimization plan YRC Freight submitted in March. The plan will close 29 terminals, forcing the company to change how freight moves through its network of more than 260 other terminals.
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YRC Worldwide announced Wednesday that it has reached a tentative agreement with the leadership of the International Association of Machinists on a new contract for about 200 of its mechanics, likely putting to rest fears that it could lead to further labor problems.
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