Free Republic

YRC Worldwide Inc. reached its goals in the 11th hour to complete a debt-for-equity swap, allowing the trucking company to avoid a possible bankruptcy filing by deferring looming debt payments. Chairman and Chief Executive Bill Zollars called the results "a major turning point" and said, "With our significantly restructured balance sheet and enhanced liquidity, we will move forward from a more solid financial foundation." YRC shares fell 14% to 85 cents in Thursday morning trading, and shares of rival trucking companies also declined. The stock was above $3 when terms of the proposed debt-for-equity swap was announced last month. The...

YRC Teamsters in Chicago Vote Down Wage Cuts a Third Time by Jane Slaughter / December 9, 2009 Despite pressure from Teamsters officials and YRC management, Chicago dock workers rejected a $1.16 per hour wage cut for a third time yesterday. City drivers voted no for the second time. Teamster officials had told workers that floundering YRC, which employs 40,000 other Teamster drivers and dock workers nationwide, would go out of business if 1,500 Chicago workers did not accept the wage cut Teamsters voted up nationally last summer. But many members, as well as industry analysts, believe YRC is doomed...