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

  1. #1
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    Default Jack Cooper Successfully Completes Debt Reduction; Good News for Teamster Carhaulers



    In a series of financial transactions, Jack Cooper announced on June 29, 2017 that it had successfully reduced the company's outstanding debt by $300 million which in turn will reduce annual interest by nearly $10 million.
    "This is good news--really good news for Teamster-represented workers at Jack Cooper," said Kevin Moore, Director of the Teamsters Carhaul Division. "Cooper had been facing significant upcoming debt payments that had some customers concerned. With the debt reduction and our contract in place, the company can focus on its operations and customer relations and retention."

    The Teamsters Union has been closely monitoring the transactions, and will continue to do so.
    https://teamster.org/news/2017/06/ja...ter-carhaulers
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    Default Teamsters Charge Jack Cooper Transport as a Labor Law Violator

    Been a very long time since I have seen any car haul news. I'm afraid it isn't good news.

    The Teamsters National Automobile Transporters Industry Negotiating Committee (TNATINC) sent the following memo to local unions today after the committee filed unfair labor practice charges against Jack Cooper Transport:

    Today, Monday, Feb. 4, 2019, managers for Jack Cooper Transport began contacting Local Unions individually by phone requesting relief from pension contributions. These benefits have been negotiated to conclusion under the current National Master Automobile Transporters Agreement (NMATA) and Supplemental agreements. A letter from T. Michael Riggs on this matter has also been sent by Jack Cooper Transport managers directly to our Carhaul membership in violation of law. Because this attempt to bypass the Local Union and the Teamsters National Automobile Transporters Industry Negotiating Committee (TNATINC) on this matter shows the bad faith of Jack Cooper Transport managers, TNATINC has filed unfair labor practice charges.

    The TNATINC is outraged that Jack Cooper Transport would attempt to reach out to individual Local Unions and our Carhaul members to propose reductions to pension benefit contributions. Local Unions are directed by TNATINC to refuse any response to Jack Cooper Transport’s request for relief and refer any such matters to the TNATINC Co-Chairmen.
    https://teamster.org/news/2019/02/te...r-law-violator

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    Default Re: Teamsters Charge Jack Cooper Transport as a Labor Law Violator

    I wonder if the above notice and the closing of the Louisville KY. terminal is just a coincidence or not ?
    This is all I can find right now.

    Louisville Trucking Company To Lay Off Over 400 Employees
    LOUISVILLE, Ky. (LEX 18) – A WARN notice has been issued for a Louisville based trucking company.
    Jack Cooper Transport Co. Inc. is expected to lay off 425 employees. The projected date for the layoffs is April 21, 2019.
    To access the WARN notice, layoff information and future notifications please go here and access WARN notices by year.
    https://lex18.com/news/covering-kent...400-employees/
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    Default Re: Teamsters Charge Jack Cooper Transport as a Labor Law Violator

    News on the lay-off notice for the car haulers in Louisville KY.

    Teamsters: Jack Cooper Workers at Ford Plant in Louisville Won’t Be Laid Off
    Four hundred twenty-five union workers at the Ford Truck Plant in Louisville, Ky., who were told Feb. 20 they were being laid off April 21, will not be out of work, according to a Teamsters union leader who spoke with Transport Topics.
    On Feb. 20, Jack Cooper Transport Co., a vehicle-hauling company based in Kansas City, Mo., sent a letter to the Kentucky Career Center notifying the state that it planned to “cease yard management operations” at the Louisville location.
    However, TT has learned that while Jack Cooper Transport is losing the business with Ford, another trucking company, RCS Transportation of Simpsonville, Ky., also known as Valiant Management and Holdings, has been awarded the contract and will begin operations at the Louisville yard in late April.
    “No one is getting laid off,” Teamsters Local 89 President Fred Zuckerman said in an interview with TT. “We go through this all of the time. A company will lose business and another company will take it, and everybody goes to work and that’s it.”
    Zuckerman said Jack Cooper Transport and RCS Transportation are covered under the Teamsters Union Master Contract.
    https://www.ttnews.com/articles/team...e-wont-be-laid
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    Default Re: Teamsters Charge Jack Cooper Transport as a Labor Law Violator

    Important Jack Cooper Carhaul Update

    As we indicated in a prior update and national conference call, the Teamsters National Automobile Transporters Industry Negotiating Committee (TNATINC) met with representatives of Jack Cooper on Tuesday, July 16 and Wednesday, July 17. TNATINC members discussed long-term structural issues that need to be addressed as part of any potential contract modifications the committee might consider. The union committee had substantive discussions on contractual items that the company has proposed.

    The TNATINC has not yet come to any agreements on any issues. At the close of the last session, the union committee presented a list of conditions and questions that need to be addressed before the committee can move forward. At this point, TNATINC is waiting for a response from Jack Cooper or its lenders.
    https://teamster.org/news/2019/07/im...carhaul-update

    https://teamster.org/sites/default/f...c_07.18.19.pdf

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

    I am getting this posted a little late but maybe there is a way to hear a recording of the phone call.

    Member Teleforum Call for Jack Cooper Transport

    https://teamster.org/sites/default/f...lier-aug_5.pdf

    https://teamster.org/news/2019/08/me...oper-transport

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

    Jack Cooper - Last, Best and Final Offer

    This got posted sometime yesterday after I was on the site in the morning. But it shows the details at least.

    Leaders of Teamster Carhaul Local Unions Approve Plan to Save Jobs at Jack Cooper

    Leaders of Teamster carhaul local unions voted overwhelmingly today to approve sending a Last, Best and Final Offer (LBFO) from Jack Cooper to members for a vote. The LBFO is aimed at saving more than 2,200 Teamster jobs and is in the form of a restructuring term sheet.

    Jack Cooper Transport: Last, Best and Final Offer - To view documents, CLICK HERE.

    There will be a teleforum call on Monday, August 5, 2019 at 8 pm (Eastern) for Jack Cooper members to learn more.

    The call-in number is (866) 767-0669.
    https://teamster.org/sites/default/f...ooperfinal.pdf

    https://teamster.org/news/2019/08/ja...nd-final-offer
    fxstc07 and 222lifer like this.

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

    Jack Cooper Files for Bankruptcy; Reorganization Plan In the Works
    On Monday, August 5, 2019, Teamster local union leaders held a tele-conference and approved sending the Last, Best and Final Offer (LBFO) from Jack Cooper to members for a vote. Later that same day, Teamster Carhaul Division leaders and staff conducted a national tele-forum town hall meeting to review the LBFO and related Restructuring Term Sheet. Over 1,000 Jack Cooper members participated in the 75-minute call. Details and the calendar for the ratification process will be set in the coming week.

    Today, Tuesday, August 6, 2019, Jack Cooper filed for Chapter 11 bankruptcy which enables it to continue to operate as a going concern until a “reorganization plan” is ratified by members and approved by the bankruptcy court. This is not a surprise to us based on our due diligence since we were first contacted by Jack Cooper earlier this summer. We have been preparing for this filing and have our bankruptcy counsel and experts already engaged to monitor the developments during the bankruptcy.

    As was explained on the Monday evening tele-conference with members, we believe this bankruptcy filing is the only opportunity for Jack Cooper to restructure itself – reducing its debt by half, getting new money in the business and limiting its liabilities going forward. If the restructuring is ratified by the members and approved by the bankruptcy court over the next 60 to 90 days, Jack Cooper will emerge as a new company, with new owners, new board of directors and a much healthier balance sheet.

    To read a PDF of this update, Click Here.
    https://teamster.org/sites/default/f...ilingfinal.pdf

    https://teamster.org/news/2019/08/ja...ion-plan-works

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

    https://www.truckinginfo.com/338174/...-11-bankruptcy

    Car Hauler Jack Cooper Files for Chapter 11 Bankruptcy

    Car Hauler Jack Cooper Ventures has filed for chapter 11 bankruptcy citing difficulty competing with its mostly non-unionized competition. - Photo via Jack Cooper Transport Facebook

    Car Hauler Jack Cooper Ventures has filed for chapter 11 bankruptcy citing difficulty competing with its mostly non-unionized competition.

    Photo via Jack Cooper Transport Facebook

    Car Hauler Jack Cooper Ventures has filed for chapter 11 bankruptcy citing difficulty competing with its mostly non-unionized competition.

    According to a Wall Street Journal report, Solus Alternative Asset Management has agreed to buy Jack Cooper’s assets and allow the company to operate normally through the bankruptcy process.

    Jack Cooper pre-negotiated the company’s restructuring to minimize any impacts from the bankruptcy on workers, unions and lenders, according to the bankruptcy filing with the Northern District of Georgia Atlanta Division court.

  10. #10
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    Default Re: Jack Cooper Successfully Completes Debt Reduction; Good News for Teamster Carhaul

    Voting on Jack Cooper's Last, Best and Final Offer to Take Place Sept. 6-9
    The Last, Best and Final Offer (LBFO) from Jack Cooper will be voted on by the membership over the four days of September 6, 7, 8 and 9, 2019. Each Teamster local with Jack Cooper members has been instructed to conduct a vote at their local union hall or a location near a Jack Cooper terminal on these four days. Each local union will inform their members of the exact time and location in advance of Friday, September 6. Votes will not be tallied until Monday, September 9 at 5:00 PM Eastern.

    The LBFO is in the form of a Restructuring Term Sheet that contains contractual modifications and other requirements from key stakeholders. That Term Sheet, along with a summary and a list of Frequently Asked Questions will be mailed to members’ homes in the next few days. This information is also available on the Teamster website at: www.Teamster.org/JackCooper


    Teamster local unions have also been instructed to conduct information meetings leading up to the ratification vote. Members are encouraged to review the information available and to attend these important meetings.
    https://teamster.org/news/2019/08/vo...place-sept-6-9

 

 
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