YRC, Teamsters Negotiating New Contract

Photo Courtesy of CCJ Digital
Photo Courtesy of CCJ Digital

YRC Worldwide Inc. and the leadership of the International Brotherhood of Teamsters are in discussions to draft a revised labor agreement. The less-than-truckload carrier based in Overland Park, Kan., is meeting with the Teamsters to draft a proposal that meets the terms the capital markets have set for the company’s refinancing of $1.4 billion in debt that comes due in 2014 and 2015.

CEO James Welch said in a statement that the company will not ask its more than 25,000 workers represented by the Teamsters to re-vote on the proposal they rejected earlier this month. The release did not say how soon a vote may come, nor what the terms of the agreement might be. The company’s first debt payment, of $69.4 million, comes due on Feb. 15.

Read more from the Kansas City Business Journal

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