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Thread: YRC, lenders cancel their meeting

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    Default YRC, lenders cancel their meeting

    YRC Worldwide Inc.’s Friday meeting with the company’s lenders has been canceled.

    On Thursday, the Overland Park-based carrier’s (Nasdaq: YRCW) employees represented by the International Brotherhood of Teamsters rejected the terms of a new contract proposal YRC said was crucial to paying down $1.4 billion in debt coming due in 2014 and 2015. The company has said it will not be able to refinance and repay its debts without help from the union.

    A YRC representative confirmed that a meeting between the company’s executives and its lenders set for Friday afternoon will not take place. The company had a pair of big refinancing deals lined up before the vote. Both deals were contingent on the Teamsters approving the new labor deal, though YRC has not said whether the deals are dead.
    YRC, lenders cancel their meeting - Kansas City Business Journal

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    Default Re: YRC, lenders cancel their meeting

    Thanks for posting this information. I was looking awhile for it yesterday afternoon.


    Not meeting is bad news IMO.
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    Default Re: YRC, lenders cancel their meeting

    Think maybe it is a drop back and punt.. I believe that YRCW was positive that this would pass.. They even did a survey that went their way.. plus all the scare tactics!! That is why IMO they set the meeting the same day as the vote... So they could go on all the business channels and brag on how they just beat down their employees "Again"....

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    Default Re: YRC, lenders cancel their meeting

    Quote Originally Posted by crazy View Post
    Think maybe it is a drop back and punt.. I believe that YRCW was positive that this would pass.. They even did a survey that went their way.. plus all the scare tactics!! That is why IMO they set the meeting the same day as the vote... So they could go on all the business channels and brag on how they just beat down their employees "Again"....
    I did wonder about that. The meeting the same day as the vote count would be announced.


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    Default Re: YRC, lenders cancel their meeting

    After Thursday’s results were announced, YRC CEO James Welch said in a statement that the company is disappointed but will continue to carry on. That statement also said the company will stay in contact with the union to explore options going forward. A representative of the Teamsters’ national office in Washington declined to comment.


    YRC, lenders cancel their meeting - Kansas City Business Journal


    Mark

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    Default Re: YRC, lenders cancel their meeting

    Mark, isn't this the same link ready posted in this thread?


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    Default Re: YRC, lenders cancel their meeting

    Quote Originally Posted by Jimmy View Post
    Mark, isn't this the same link ready posted in this thread?


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    Yes it is.....I was just pointing out more of what was LEFT OUT from the original post.

    Mark

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    Default Re: YRC, lenders cancel their meeting

    Ohhhh ok


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    Default Re: YRC, lenders cancel their meeting

    Quote Originally Posted by MarkUPGF View Post
    After Thursday’s results were announced, YRC CEO James Welch said in a statement that the company is disappointed but will continue to carry on. That statement also said the company will stay in contact with the union to explore options going forward. A representative of the Teamsters’ national office in Washington declined to comment.


    YRC, lenders cancel their meeting - Kansas City Business Journal


    Mark

    It really should be the IBT' concern. Its only us and our trade and workers union and non who will suffer for years to come. IMO the banks, wall street, the globalist one percent who all profit from cheap labor and shipping..all have trillions to gain in the future with us gone. The IBT should come up with the cash and a plan to save the trade which built it.
    Johnson and Hoffa should be working harder than Welch to save the trade....and the country.

    KK is gonna get some truth the way I see it shortly. He's preaching to allow them to close and keep the IBT out. Wonder what big money slid his way....He got his. 2 pensions and eventually Soc Security....
    A good union job to buy house and raise family now he says to drive safely elsewhere.....He got his. Screw the rest of us. Somebody left him something good....but don't bother passing it on. Maybe he thinks it'll bring yrc back to table. Once again his part of the country gained when we lost and he saint seen the side I've seen forever.......I geuss the rest of america will finally learn what was learned in Allentown Bethlehem Pittsburgh Detroit and thousands of other northern towns years ago. Hope not cause then the country is done. The unions are sooooo important but nobody seems to see it. .Hopefully the IBT has a plan to save us. If not our trade is done and all private sector unions get a little weaker...and RTW and other unionbusting policies get stronger.

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    Default Re: YRC, lenders cancel their meeting

    Slave, I am a former YRC driver & I wasn't trying to say it ISN'T an IBT concern, I was just trying to point out a positive in all this negative. YRC will continue, there just HAS to be another plan. I pray all goes well for all concerned.

    Mark
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