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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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Christmas came a couple of days early for the parent of several less-than-truckload carriers, saying it has reached an agreement with certain holders of notes that will allow it to reduce debt by approximately $300 million.
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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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Two of the industry's large, unionized less-than-truckload carriers announced their third quarter results Tuesday, with the non-asset-based Panther Expedited helping Arkansas Best and problems at YRC Freight weighing down YRC Worldwide.
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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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A few years ago, YRC Worldwide was able to stay afloat with the help of union workers agreeing to a series of wage and benefit cuts. YRC's back in the same boat, but this time around, lenders are insisting on changes.
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The parent of several trucking operations, YRC Worldwide, has announced CEO James Welch has assumed the responsibilities as president of the company’s national less-than-truckload service provider YRC Freight. He succeeds Jeff Rogers, who left the company for undisclosed reasons.
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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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