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Thread: Jack Cooper Successfully Completes Debt Reduction; Good News for Teamster Carhaulers

  1. #11
    Taking A Stand!!!

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    Default Re: Jack Cooper Successfully Completes Debt Reduction; Good News for Teamster Carhaul

    Teamsters At Jack Cooper Approve Last, Best And Final Offer
    WASHINGTON – An overwhelming majority of the Teamster members working at carhauler Jack Cooper have approved the company’s Last, Best and Final Offer aimed at saving 2,200 union carhaul jobs.

    “I want to thank all our Jack Cooper members who took the time to vote on this Restructuring Term Sheet,” said Kevin Moore, Director of the Teamsters Carhaul Division.

    “Approving this Term Sheet is one key piece for Jack Cooper to emerge from bankruptcy as a healthier company. That, along with substantial debt reduction and new cash investment, should better position Jack Cooper to stabilize and maintain customers and our jobs.”

    The final vote count will be published at a later date.
    https://teamster.org/news/2019/09/te...nd-final-offer
    fxstc07 and 222lifer like this.

  2. #12
    Taking A Stand!!!

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    Default Re: Jack Cooper Successfully Completes Debt Reduction; Good News for Teamster Carhaul

    I am going to go over the allowed paragraphs to makes sure anyone concerned sees this.

    Jack Cooper Sale Process Moves Forward
    Now that members have overwhelmingly approved Jack Cooper’s Last, Best and Final Offer – by a margin of 67% of the valid 1,295 votes cast – the proposed sale of the company is moving forward. The completion of the sale is expected sometime after an Oct. 10 bankruptcy court hearing.

    As the process moves forward, all Teamster members at Jack Cooper should be at work and carry out their duties.

    “We have cleared a major hurdle—our members’ approval of the Last, Best and Final Offer,” said Kevin Moore, Director of the Teamsters Carhaul Division. “Now, we will be closely watching the process take place in the bankruptcy court. We will be monitoring the situation carefully to make sure our members’ interests are protected.”

    Here’s a summary of the key next steps:

    There was an important hearing on Sept. 3, 2019. At that hearing, the bankruptcy court approved the Term Sheet and approved the bidding procedures for the sale of Jack Cooper assets with an entity created by Solus, the investment firm buying Jack Cooper. That entity will serve as the “stalking horse” bidder representing the initial bid. The bidding procedures establish the following dates for additional or competing bids. The bidding procedures also established minimum qualifications that bidders have to meet to be considered as a competing bid.

    The dates are as follows:

    ˇ Tuesday, Oct. 1: Competing bids to the initial bid are due. (If there are no competing bids, the case will move to hearing on approval of sale to the initial bidder, Solus.)

    ˇ Wednesday, Oct. 2 or Saturday, Oct. 5: Sale objections are due (Oct. 2, if there is no competing bid; Oct. 5 if there is a qualifying competing bid).

    ˇ Thursday, Oct. 4: Auction (if there is a qualifying competing bid, which we will know by Tuesday, Oct. 1).

    Thursday, Oct. 10 at 2:30 p.m.: Hearing on approval of sale. The union is not sure how long after this hearing the sale will be official.

    Upon approval of the sale, the new entity created by Solus will own Jack Cooper. That new entity will be a functioning automobile transporter that is out of bankruptcy and operating under the ratified collective bargaining agreement changes.

    “Once the sale is complete, we will be working closely with local unions to make sure the new company abides by the national carhaul contract,” Moore said. “We are hopeful that the new company will stabilize and grow its business, which in turn will protect the livelihoods of our more than 2,200 Teamsters at Jack Cooper and its subsidiaries.”
    https://teamster.org/news/2019/09/ja...-moves-forward
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  3. #13
    Taking A Stand!!!

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    Default Re: Jack Cooper Successfully Completes Debt Reduction; Good News for Teamster Carhaul

    Results of Jack Cooper Vote Released

    Over a four-day period ending on Sunday, September 8, Teamster members employed at Jack Cooper Transport voted by a 2-1 margin to approve the Last, Best and Final Offer presented by the company. CLICK HERE to view a spreadsheet detailing the voting totals by Teamster local.
    https://teamster.org/sites/default/f...eswebfinal.pdf

    https://teamster.org/news/2019/10/re...-vote-released

  4. #14
    Taking A Stand!!!

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    Default Re: Jack Cooper Successfully Completes Debt Reduction; Good News for Teamster Carhaul

    Bankruptcy Court Approves Jack Cooper Sale

    October 11, 2019 BANKRUPTCY COURT APPROVES SALE OF JACK COOPER
    October 11, 2019 BANKRUPTCY COURT APPROVES SALE OF JACK COOPERThe Jack Cooper bankruptcy case passed a milestone today, with the bankruptcy judge approving the sale of the old Jack Cooper to the Solus-backed new corporate entity JCBuyer (however, the operating name of Jack Cooper will likely remain).

    While the bankruptcy court approved the sale, the sale will only become finalized at a to-be-determined date likely later this month or early November. We will keep you posted when we are aware of the date. The contract modifications in the approved Term Sheet will become effective when the sale is finalized.
    https://teamster.org/sites/default/f...pdateoct11.pdf

 

 
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