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From the Teamsters web site!
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UPDATE FOR TEAMSTER YRCW MEMBERS FOLLOWING COMPANY’S ANNUAL REPORT
March 17, 2011
Update for Teamster YRCW Members Following Company’s Annual Report
YRCW released its annual report on March 14. Follow up news reports have focused on the news that the company missed a key “milestone” deadline. In the Teamsters’ opinion, the headlines exaggerate the significance of one small aspect of the restructuring process. To put it simply, this missed deadline has been greatly overstated and is not particularly significant to the overall restructuring process. Unfortunately, the union understands that YRCW’s competitors are trying to use this recent news to their advantage.
What the reports fail to note is that there is an outline of a restructuring in place that is moving forward. That outline of the restructuring was announced on February 28, in the form of an “Agreement in Principle” (AIP) agreed to by the company, the company’s lenders and the Teamsters National Freight Industry Negotiating Committee (“TNFINC”). That AIP was negotiated between these three parties with the knowledge that other key stakeholders, including the pension funds, would need to sign on before the definitive documentation date of April 29, 2011. The AIP and related credit agreements lay out several milestones, one of which was that a majority of the pension funds needed to approve the AIP by March 10. By that date, the pension funds provided their non-binding acceptance of all the terms of the AIP on March 10, except for one—the amount of the interest rate on deferred payments. Although the accelerated time frame did not permit the pension funds and other parties to resolve that issue prior to March 10, the union is optimistic that it will be resolved in the coming weeks as the parties work to document the restructuring transaction.
Unfortunately, even though the pension funds accepted virtually all aspects of the AIP prior to March 10, the inclusion of a few conditions (namely the interest rate) in their non-binding acceptance letter triggered a “milestone failure” under the agreement with the lenders. As a result of this technicality, the law required the company to make specific public disclosures in an annual report citing what could happen if a final agreement is not successfully completed between all the stakeholders. If members remember, YRCW has made similar statements during past restructuring events like the bond exchange in 2009 and shareholder votes in 2010. This kind of disclosure is not new.
Over the past two years all stakeholders have developed a track record of addressing challenging issues to get to this point. Teamster YRCW members have voted three times to sacrifice their hard earned wages and benefits in order to help the company survive. The members’ sacrifices have encouraged the lenders and other stakeholders (shareholders and bondholders in 2009 and 2010) to make significant concessions. For example, there have been approximately 20 amendments to the bank agreement during the past two years, prompting one analyst to write that he had never seen lenders be so accommodating for so long to keep a company out of bankruptcy. The pension funds during this same period have shown their support by approving seven amendments of their own.
Although more negotiations will follow in the next few months, the union will be working hard to reach a final agreement as it’s in the best interest of all stakeholders to restructure the company. We ask our members to not fall prey to the exaggerated headlines and to not let YRCW’s customers do so either.
Members may stay updated by visiting the “YRCW Freight Update” section of www.teamster.org.
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CONTACT USPRIVACYSITEMAPINTERNATIONAL BROTHERHOOD OF TEAMSTERS 25 LOUISIANA AVENUE NW, WASHINGTON, DC202.624.6800
10k filing is out.....
You have a link??
Why such low volume?????
Buy now this is the bottom!!
Well a first quarter profit will suffice! Lol. I want your car!! Lol. If you ever sell it keep me in mind!
Any buyout rumors floating around there at your work ?
THat is awesome!!!! Thanks for the info! By the way, nice car!!! What year?? '69?
I also noticed nothing on CNBC....but that might have been a good thing. The words "Considerable dilution" on CNBC might have tanked it some more!
Everyting you said is exactly how i feel! They also said to raise the share cap, share holders will have to vote on it in July..... WAY OVERSOLD!!!!
there share cap is 80 or 85 million shares
panic!
Dead cat bounce tomorrow!!!!!!!!! No BK !! Why doesn't anyone understand that???
its still a billion dollar company!! even at 85 mil shares.... thats 12.00 a share!! Look at the big picture!!
There cap on shares is 85 million... were at 45 mill now... 85 million is not bad
Nice 38,229 share buy after hours!! $130,552.04 dollars....
http://ih.advfn.com/p.php?pid=trades&symbol=YRCW
U have a link????
Trucking volumes up 8% in January!!
http://www.bizjournals.com/kansascity/news/2011/02/23/truck-volumes-post-strong-gains-in.html
Just watch and see!
Hey you too!!!! GLTA........ Recap news soon!
Hmmmm ?? Not this time!
Up from here!! I'm calling a bottom here! Just a gut feeling....AIMO
Not at all $20 a share is nothing if everything goes the right way... If we can recap without dilution, just investors... we'll see $20 within a few weeks,,,, a profitable first quarter and were going to the moon!!!!
Lol !!
Well anything could still happen! I think all they mean is don't put all your eggs in one basket! I DID !! LOL
We should get a nice pop this week from this article! It's a good read!! http://seekingalpha.com/article/253025-yrc-worldwide-a-calculated-risk?source=yahoo
Id start buying now! If it gos down just keep buying!! If we get recap news your going to miss that boat!!! I bought everyday last week right before close! This week we will rebound atleast half the losses.....
I really dont think they will go that route....im sure they know what will happen to there share price. Economy is improving by leaps and bounds. Including the trucking industry. Im sure they have investers lined up.
nothing here!!!!!
who is this talking now?
anyone having problems connecting to the hearing??
Looking good! I doubled up this morning.....turned out good today.
I ABSOLUTLY AGREE WITH YOU.....BUT WE ARE DEALING WITH CROOKS HERE. THE MAINSTREAM MEDIA PISSES ME OFF TOO. THE DENIED POR SHOULD HAVE BEEN ALL OVER THE NEWS. THATS WHY IM PRAYING FOR AN EC POR WITH SOLOMONS NUMBERS!!! CAN THE EC POR BE THE SEALED DOC? HMMMMMM??
I THINK JPM WILL HOLD THIS OFF AS LONG AS POSSIBLE. I DON'T THINK THEY WILL GIVE IT UP THAT EASY. SETTLEMENT WOULD BE NICE!! BUT DOUBTFUL. WE NEED AN EC POR....ASSET LIST! NUMBERS NUMBERS NUMBERS!!
AT THE ASK, 110,000-73,000-27,000-40,000-150,000-85,000-MANY 10 TO 15,000'S
I HOPE SO TOO!!! THAT WOULD BE NICE!!!!
Big buys last hour ending HOD!!
You mean 5 "billion" NOL's
Where do u see "Major" swings?
WHERE ARE THE NUMBERS!! GO WAMU!!