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  1. #1
    I Am Rocking Now

    Join Date
    Mar 2008
    Local Union
    600
    Employer
    YRC-Yellow
    Location
    St. Louis
    Posts
    5,302
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    403

  2. #2
    Resistance is futile.

    Join Date
    Nov 2007
    Local Union
    391
    Employer
    YRC-Roadway
    Location
    North Carolina
    Posts
    11,371
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    882

    Default Re: Latest Financial Mess

    The possibility of amendments to relax financial covenants was one of the discussion topics, but sources said it appears there will be no major changes except for the definition of those covenants. Amended term sheets will be sent out around the middle of week. YRC could be forced into bankruptcy if it fails to reach an agreement with lenders, misses those targets and defaults on its loans, Fitch Ratings warned earlier this month when it downgraded the company's ratings.
    The writing is on the wall and the whole world sees it. One good thing though...... If you were to pick up your family and move in the coming COO you won't have to worry about it. It would all be over before March 1 and you won't have the chance to move.

    Some good advise don't no one move your household for them since they will be out of business real soon. Transfer in the COO if you plan to drive, but do not move your family.

    This is what I am going to do..........

  3. #3
    Moving the Nations Freight

    Join Date
    Nov 2007
    Local Union
    251
    Location
    In Front of My Computer
    Posts
    1,014
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    199

    Default Re: Latest Financial Mess

    Really no surprise there dude. The banks were not gonna renegotiate the terms of the loans without getting something in return.
    I'm sure you're gonna see the interest rates going up too if they do come to an agreement.

  4. #4
    Comfortably Numb

    Join Date
    Oct 2008
    Local Union
    30
    Employer
    SuperValu
    Location
    Pittsburgh, Pa
    Posts
    146
    Rep Power
    166

    Default Re: Latest Financial Mess

    I would be worried if I were trying to sell vacant freight terminals in this economy ..... 1.2 billion in debt. Why isn't anybody ( Zollars ? ) held accountable ? I know the corporation couldn't forsee the economic downturn, but damn ...

    Good luck you you YRC guys. For some reason, I still think you'll pull out of this mess stronger than ever.

  5. #5
    I call it like I see it!

    Join Date
    Nov 2008
    Local Union
    592
    Employer
    UPS Freight
    Location
    Midlothian,Va
    Posts
    353
    Rep Power
    127

    Default Re: Latest Financial Mess

    I agree with you Teamster.... I hear here in Richmond we will be offered transfers.....& some guys are considering it....I told them to think real hard about moving their family for YRC.....It might be only a matter of time...
    It makes me sick how miss-managed this company is! I still see the stupidity every freakin day! What a waste!
    I have 34 days left till I'm out of a job....it might be a blessing in disguise! Good Luck to all of us!

    Mark

  6. #6
    Getting In The Groove Now.

    Join Date
    Dec 2008
    Local Union
    391
    Employer
    YRC
    Location
    NORTH CAROLINA
    Posts
    5
    Rep Power
    0

    Default Re: Latest Financial Mess

    If YRC is in such financial termoil,why are there brand spankin new touble axle volvo's (blue roadway) sitting at 671 and 120's yards.I'm sure there are more at other terminals.Why are there brand spankin new YRC intl trls on the road out west.How much did Zollars pay for that trucking co in china a few months ago?YRCW has the money,their hiding it in an offshore account for their non union co.

  7. #7
    axlethedriver
    Guest

    Default Re: Latest Financial Mess

    this breaks me up isn't this company in business to make money$$$$$ from production and not its employees like they hit us for in the 10% give away.

    how about the stock holders? aren't they tired of this guy zollars. he and his cronies have run tons of good companies into the ground and he won't be happy till we are gone too.
    Last edited by axlethedriver; 01-25-2009 at 10:36 PM.

  8. #8
    Getting In The Groove Now.

    Join Date
    Nov 2008
    Local Union
    480
    Employer
    Roadway
    Location
    usa
    Posts
    4
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    0

    Default Re: Latest Financial Mess

    lmao... are we actually moaning about those in mangement making mucho denero but not asking the 'leaders' in the IBT (hoffa/johnson right down to local officials) why THEY aren't taking a 10% reduction in pay as a show of solidarty??? oh yeah, could it be that they themselves BENEFITTED from letting YRC bend the rank and file members over and letting them run it in as far as they wanted???
    but i digress....perhaps with the coronation of 'the chosen one' we'll be living in the new soviet union very soon where NONE of us have a pot to pee in OR a window to throw it out of! yeah and before the left-wing radicals who moonlite for the daily kos or the huffpost start calling for me to be prevented from posting again in here, (1st amendment?? whats that??) i'm a staunch LIBERTARIAN who voted for ron paul in primary.
    Hell to the Chief!
    p.s. the yrc/ibt con that '...we gotta have a reduction in wages to survive these tough times...' is nothing but pure Bovine Scatology (BS for the uneducated). letsee if i can connect the dots: big 3 in detroit get zillions from us (taxpayers) and STILL lay off workers... we in ibt drink the kool-aid and vote for LESS pay (not all tho...some of us had the nads to vote NO) and whats YRC do and CONTINUE to do? yep, you guessed it, LAY MORE OF US OFF!!! see the correllation? if not, take head out of but and THINK.

  9. #9
    Fish Hard Die Happy

    Join Date
    Dec 2007
    Local Union
    707
    Employer
    Roadway
    Location
    NY
    Posts
    1,557
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    265

    Default Re: Latest Financial Mess

    Quote Originally Posted by SOLteamster View Post
    lmao... are we actually moaning about those in mangement making mucho denero but not asking the 'leaders' in the IBT (hoffa/johnson right down to local officials) why THEY aren't taking a 10% reduction in pay as a show of solidarty??? oh yeah, could it be that they themselves BENEFITTED from letting YRC bend the rank and file members over and letting them run it in as far as they wanted???
    Where's your proof that union leaders won't take cuts? As of Feb 1, union dues drop by 10%, along with our wages. My local leadership told us before the vote, that if ratified, they too would take a 10% cut. There may even be layoffs at my local hall as well. The union has nothing to benefit from either a cut in membership or the demise of YRCW.

    but i digress....perhaps with the coronation of 'the chosen one' we'll be living in the new soviet union very soon where NONE of us have a pot to pee in OR a window to throw it out of! yeah and before the left-wing radicals who moonlite for the daily kos or the huffpost start calling for me to be prevented from posting again in here, (1st amendment?? whats that??) i'm a staunch LIBERTARIAN who voted for ron paul in primary.
    Hell to the Chief!
    For the record, I am not a staunch Libertarian, but I too voted for Ron Paul.
    O has been in office for 6 days. How can you make a judgement about what he is gonna do. I may not agree with all his ideas, but I say, give the guy a chance. I would have said the same thing if McCain was pres instead.

    p.s. the yrc/ibt con that '...we gotta have a reduction in wages to survive these tough times...' is nothing but pure Bovine Scatology (BS for the uneducated). letsee if i can connect the dots: big 3 in detroit get zillions from us (taxpayers) and STILL lay off workers...
    And what's Fedex's excuse for cutting their employee's wages? I'm sure other companies may start to do the same thing. Sure the big 3 got lot's of money, but if they don't have customers, should they just pay people to stand around? Cuts are being made in just about every industry. Thousands more people will be out of jobs this year. 11 million already are. And that's just this country. The problem is, this is global. Millions of people all over the world are unemployed or will be soon enough.
    we in ibt drink the kool-aid and vote for LESS pay (not all tho...some of us had the nads to vote NO) and whats YRC do and CONTINUE to do? yep, you guessed it, LAY MORE OF US OFF!!! see the correllation? if not, take head out of but and THINK.
    Just as I predicted before the concession vote, people will be touting from a pedestal, how big their "nads" are because they voted no. Well guess what?
    I think my "nads" are pretty big because I voted YES!! I say that because, I voted yes knowing full well that I could be out of a job also. We all knew that this consolidation is just a downsizing of the work force by creating one company out of two. The only way the companies could have remained seperate, was if the economy was strong, and capacity was low. Unfortunately, that is not the case. The company does not need all the terminals, nor do they need the manpower. It's the same thing, no matter what industry you look at. For some enlightenment, read this post.....Have we been duped by YRC???...and check out the link in the post as well.

  10. #10
    One More Time

    Join Date
    Mar 2008
    Local Union
    245
    Employer
    RoadWay Express
    Location
    In the Ozarks
    Posts
    2,846
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    480

    Default Re: Latest Financial Mess

    The company, now rated Caa1, announced that it was in discussions with its banking group to modify certain terms of its credit facilities that would enhance the company's financial flexibility including changes to its leverage ratio.
    "The Borrower is Slave to the Lender"
    And every banker would like a slave.

    I don't think any bank wants this mess thrown back in thier lap, I cannot imagine the burden that would come from that. But I can see YRC being slave to the lender's until this economy turns around and then and only then would I see a financial intitution getting very adamant on wanting to piece sell something of value & Trucking has little value as of this moment. Right now a trucking Company able to make loan payments is better than a trucking company that nobody wants or even needs for that matter.
    Last edited by snortin nortin; 01-27-2009 at 02:41 AM.

 

 
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