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The company said that details surrounding the modification are scheduled to be available this week, following further discussions with labor leadership and the affected employees.
YRC Worldwide CEO Bill Zollars said that his company has taken a number of steps to strengthen its financial position and improve both profitability and competitiveness, including the continued integration of Yellow Transportation and Roadway, the exchange of equity for notes through private transactions, modification of non-union pension and retirement plans, sales of excess properties and, most recently, the launching of a $100 million tender offer to purchase outstanding notes.
He said that, while the efforts have been effective, "the worsening macroeconomic crisis in America and the increasingly critical state of our industry mean that we must take additional measures."
Zollars said that the "industry decline in volumes and pricing is continuing in the current quarter, affecting our profits and cash flow and our ability to pay down debt from operating funds.
The modification with the Teamsters agreement, which Zollars said he expect to be ratified in December, is designed to establish "a more competitive cost structure."
Overland Park, Kansas-based YRC Worldwide is a transportation service provider and the holding company for a portfolio of brands including Yellow Transportation, Roadway, Reimer Express, YRC Logistics, New Penn, Holland, Reddaway and Glen Moore.
The company provides global transportation services, transportation management solutions and logistics management. YRC Worldwide employs around 58,000 people.
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