Trucking giant YRC Worldwide is asking its employees for help as it tries to refinance $1 billion in company debts coming due in the next two years. The request came in a letter from chief executive James Welch that was mailed to employees’ homes.
The company is set to report its third-quarter earnings Thursday. YRC officials are to meet today with the International Brotherhood of Teamsters, which represents most of the Overland Park, Kan.-based company’s 32,000 employees.
Teamsters and other employees surrendered pay and benefits in two corporate restructurings designed to keep YRC out of bankruptcy in the aftermath of the recession. Investors had been disappointed by a costly reorganization of YRC Freight’s network of terminals during the second quarter. The effort cost $6.3 million, involved 10 percent of its terminals and relocated hundreds of employees.