This is very bad. Once government starts owning significant percentages of our companies, the US experiment is over.
Take all of the YRC company trucks out of the Teamsters Union and make them be owner operators, especially for line haul.
It might be interesting to have the truckers boycott the ‘Rat urban utopias for a while.
>>Gotta keep those trucks moving to keep stuff on the shelves.
>>>>The lending agreement will allow YRC to repay recently deferred health and welfare and pension payments to the funds that support its 24,000 Teamster employees
Gotta bail out the commie labor unions once again...
This trucking company has been a zombie operator for several years now. Been on financial life support since 2009 at least.
Apollo Global Management group will get their money, one way or the other. The problem with the vast majority of these investment groups is that they actually think they know how to run a business when they really have no clue. The vast majority of private equity firms for example like to tout their expertise as ‘operators’ but usually don’t know the first about running anything within the business other than how to put a deal sheet together and charge fees.