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Last Visited: 8/1/2009
"We continue to win new business, and customers have returned shipments to our networks, though it has not happened as quickly or at the levels we were initially expecting," said Bill Zollars, chairman, president and CEO of YRC Worldwide.
During the second quarter, the company has been working on a plan to gets its finances back in line, including a new contract with the Teamsters involving a 5 percent pay cut, an 18-month termination in pension contributions and a reduction in health and welfare contributions, as well as a deal with its pension funds to use part of its real estate assets as collateral in lieu of pension contribution payments during the second quarter.
The Teamsters are currently voting on the proposed contract.
"The second quarter was focused on executing our comprehensive plan to realize efficiencies from the YRC integration, restore financial strength and position our operating companies for future success," Zollars said.