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The International Brotherhood of Teamsters today endorsed YRCW's (NASDAQ: YRCW | Quote | Chart | News | PowerRating) bank amendment as part of its continuing restructuring. The announcement follows the commitment and sacrifices that more than 35,000 YRCW Teamsters have made to ensure the company's survival.
The Union has worked with YRCW for the past year as it has struggled during the worst freight economy in generations. Today's announcement that YRCW has reached agreement with its lenders and has developed a road map to deal with its bond holders is welcomed progress.
"YRCW Teamster members did their part. The union has worked hard to make sure the other YRCW stakeholders recognized our members' sacrifices and responded in kind to do their part in ensuring YRCW's survival," said James P. Hoffa, Teamsters General President.
"YRCW's comprehensive restructuring would not have been possible without the support of our members, said Tyson Johnson, Director of the Teamsters Freight Division. "All YRCW Teamsters should recognize their leading role in the restructuring effort. Their perseverance should be commended."
"As we've said before, those companies in the industry that have been slashing prices - and the analysts that have been very anxious to write YRCW's obituary - need to recognize that today is a new day. The workers, pension funds, lenders, and bondholders have proven their ability to pull together to restructure this company - which can only lead to increased confidence among shippers," Johnson said.
Founded in 1903, the International Brotherhood of Teamsters represents 1.4 million hardworking men and women in the United States, Canada and Puerto Rico.
SOURCE International Brotherhood of Teamsters
http://www.teamster.org
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