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  1. #1
    Resistance is futile.

    Join Date
    Nov 2007
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    YRC-Roadway
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    North Carolina
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    Default New bank amendment removes Q2 earnings requirement E-Mail from Zollars

    Here is the part I like the best.

    The progress we continue to make is a credit to you and the YRC Worldwide team. I appreciate your dedication to providing exceptional service, no matter what the economic headlines are.
    Thank you for delivering confidence to our customers, with every contact, every shipment, every day
    Full E-mail below

    To: All YRC Worldwide employees
    There’s a lot of talk in the marketplace right now about YRC Worldwide and our financial situation. Let me assure you that we continue taking strategic steps designed to improve financial stability for our company. The leadership team and I also remain dedicated to sharing with you as much information as we can, as early as possible.
    In keeping with that, we are announcing today that we have reached an amended agreement with our lenders to remove the earnings before interest, taxes, depreciation and amortization (EBITDA) requirement for the second quarter. Taking the current quarter’s EBITDA requirement off the table demonstrates the ongoing support of our lenders. They have clear visibility to our strategy, and support our plans and our progress.
    There is reason for confidence. We now have the most comprehensive networks, with capabilities that are unmatched in the industry. We’re enhancing those capabilities daily, and the results are positive. We’re seeing an increase in volume with returning and new customers, and our service levels are reaching all-time highs. As a truly global provider, we also continue strengthening our YRC Logistics business.
    A copy of today’s news release is available on @yrcw and on YRCW.com.
    The progress we continue to make is a credit to you and the YRC Worldwide team. I appreciate your dedication to providing exceptional service, no matter what the economic headlines are.
    Thank you for delivering confidence to our customers, with every contact, every shipment, every day.
    Bill Zollars
    Chairman, President & CEO
    YRC Worldwide

  2. #2
    Resistance is futile.

    Join Date
    Nov 2007
    Local Union
    391
    Employer
    YRC-Roadway
    Location
    North Carolina
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    Default Re: New bank amendment removes Q2 earnings requirement E-Mail from Zollars

    We can do it....... Never has a Teamster Company fought so hard to keep it going.

  3. #3
    Getting In The Groove Now.

    Join Date
    Sep 2008
    Local Union
    519
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    Roadway
    Location
    TN
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    13
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    135

    Default Re: New bank amendment removes Q2 earnings requirement E-Mail from Zollars

    Thanks for posting that. Let's hope it is the light at the end of the tunnel and not just another train coming.

    Does Zollars really want the financial situation to turn around before he (and his corp. friends) get a chance to get pension and welfare concessions from the Teamsters? Don't know.

    When I saw the email header in my inbox - a letter from Zollars to YRC employees - I was scared.

  4. #4
    New Yorker

    Join Date
    Aug 2008
    Local Union
    728
    Employer
    CF/YELLOW
    Location
    Las Vegas
    Posts
    18
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    134

    Default Re: New bank amendment removes Q2 earnings requirement E-Mail from Zollars

    I am praying for you folks!

  5. #5
    Getting In The Groove Now.

    Join Date
    Feb 2009
    Local Union
    174
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    YRC
    Location
    Seattle
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    6
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    0

    Default Re: New bank amendment removes Q2 earnings requirement E-Mail from Zollars

    The merger was a model of mis-management from top to bottom.
    The only light at the end of the tunnel is these guys are not actually trying to bury the company(like CF did).

    ONLY the soldiers in the trenches can turn this around and fix the mistakes made by management (hopefully).

  6. #6
    I Am Rocking Now

    Join Date
    Dec 2007
    Local Union
    162
    Employer
    "Wonderful" YRC Worldwide
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    3,385
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    Default Re: New bank amendment removes Q2 earnings requirement E-Mail from Zollars

    Quote Originally Posted by PedalingBiped View Post

    ONLY the soldiers in the trenches can turn this around and fix the mistakes made by management (hopefully).

    Which is CRAP!
    Labor should never have to pay for management's mistakes, otherwise where will it end with no accountability?

  7. #7
    LOAD AND PARK CHARLIE
    Guest

    Default Re: New bank amendment removes Q2 earnings requirement E-Mail from Zollars

    Seems like the labor force is always expected to make up for the mismanagement of the the corporate execs. Pay cuts, loss of perks, longer shifts, weekends, holidays, and so on.

    I agree with P3, just me doing my job to the best of my ability should be enough, all of that other crap is not in my job description. after all, when you start reducing my pay, you bet your arsh I will reduce my effort, the two will always be linked together.

    But on the corporate side, it seems the worse the job you do, the higher your salary will go. after all, the labor force will always clean up the mess right.

    NOT!

  8. #8
    Getting In The Groove Now.

    Join Date
    Mar 2009
    Local Union
    830/500
    Employer
    Hygrade Food Products
    Location
    Cherry Hill,NJ.
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    46
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    136

    Default Re: New bank amendment removes Q2 earnings requirement E-Mail from Zollars

    The question posted about consessions before the Financial situation turns around is something everybody should be concerned with ! Good question !

  9. #9
    Getting In The Groove Now.

    Join Date
    Feb 2009
    Local Union
    81
    Location
    PORTLAND, OREGON USA
    Posts
    28
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    131

    Default Re: New bank amendment removes Q2 earnings requirement E-Mail from Zollars

    Why.. Are we doing it the Roadway Way then? We have gone down since we incorporated their technology and management... i see less responsibility.. way too much management.. with no accountability.. and freight disappearing through the cracks.. where is this? where is that? cant find it ! hmmmm might be on that trailer.. scary to think.. roadway was a bad choice.. shoulda bought some walmart scab stock zollars! ok.. now enough negativity... I HOPE WE MAKE IT
    Last edited by YELLOWMAN; 05-16-2009 at 04:47 AM. Reason: misspell

  10. #10
    Getting In The Groove Now.

    Join Date
    May 2009
    Local Union
    251
    Employer
    YRC
    Location
    Providence, RI
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    398
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    Default Re: New bank amendment removes Q2 earnings requirement E-Mail from Zollars

    Yellow grew from the west to the east, bought a lot of the failed carriers along the way, survived every downturn and recession and became the largest unionized carrier in the country when they passed Roadway who was the largest before them. No one ever had a problem with that. Roadway grew from the east to the west buying failed carriers and both yellow and roadway hired drivers from the failed carriers and nobody ever had a problem with that. If ABF bought Roadway at the time they would be in the same boat YRC is in today. Freddy Smith built an empire with non-union carriers. They are on the titanic too. If Fed Ex had an online blog it wouldn't be any different then this one. Better vent here than anywhere eh..My wife is not really interested. Money talks folks.. we are just the pawns. YRC gives and aaaaaaaand YRC takes..or would a shutdown solve the prob

 

 
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