Teamsters General President Jim Hoffa welcomed news today that YRC Worldwide Inc. (YRCW) has agreed with lenders to reset its agreements on some loans and will be able to retain proceeds from the auction of certain properties.

“This is welcome news for our YRCW members who have had to endure sacrifices for several years,” Teamsters General President Jim Hoffa said. “Those sacrifices, which included conditions for a new management team, are paving the way for the company to get its operations in order. Yesterday’s announcement of support from YRCW’s lenders shows that other key stakeholders also have confidence in this new management team and the business plan they developed. With the financial covenants now reset the company can fully focus on implementing its business plan, which is good for YRCW customers and good for our members.”

Read the company’s news release, here.