On Tuesday, November 5, 2013, YRC Worldwide Inc. met with representatives of the International Brotherhood of Teamsters (IBT) to update them on the company’s most recent performance, future prospects and corporate refinancing opportunities. It is the company’s intent to engage in formal negotiations, extend its current contract and increase its competitiveness in the market. “An extension of our IBT contract beyond the expiration is an important step in providing our customers the service they deserve and have grown accustomed to and providing our employees long-term job stability, competitive industry-wide wages and outstanding healthcare benefits,” said YRC Worldwide CEO and YRC Freight President James Welch.
“Reaching an understanding would be a positive and important step in the future of this company. In addition to securing the jobs of over 26,000 union employees, it will substantially increase the likelihood of a holistic refinancing solution to address the debt maturities in 2014 and 2015,” stated Welch.
As a result of these developments, YRCW will postpone its third quarter 2013 conference call to Tuesday, November 12, 2013, at 4:30 p.m. ET, 3:30 p.m. CT. Third quarter earnings will be released the same day, Tuesday, November 12, 2013, after the closing of the market.
The call will be webcast and can be accessed live or as a replay via the YRC Worldwide website.
