Tuesday, November 3, 2009

ATA Start Freight Celebrations As Teamsters And Less Than Truck Load YRC Work Together

Union and LTL Carrier Issue Statements as National Truck Week Begins
Shipping News Feature

US - Following a particularly complex financial statement issued by YRC Worldwide two days ago, the less than trailer load (LTL) company announced today details of the exchange offer which will allow it to refinance in the short term allowing it access to a further $56 million of its “revolver reserve”. The exchange, for in excess of $530 million plus other outstanding interest, represents 95% of the company’s common stock value and includes a provision for the unions involved to take out options as agreed with the company.

The details of the release seem to have met with satisfaction from the main union involved. In a statement issued today James P Hoffa, President of the International Brotherhood of Teamsters, said:-

“The Union has worked with YRCW for the past year as it has struggled during the worst freight economy in generations. Today's announcement that YRCW has reached agreement with its lenders and has developed a road map to deal with its bond holders is welcome progress."

YRCW Teamster members did their part. The union has worked hard to make sure the other YRCW stakeholders recognized our members' sacrifices and responded in kind to do their part in ensuring YRCW's survival."

In other US trucking news the American Trucking Association is using the week to pay tribute to the country’s truck drivers. Events to celebrate are being held nationwide and range from awards to outstanding individual drivers to free hot dogs being handed out on interstate truck stops.

"Professional truck drivers deserve recognition for safely delivering our country’s freight." said ATA President and CEO Bill Graves.

"As a result of their commitment, our nation's highways are the safest they've ever been and our grocery shelves are stocked. We as a nation owe a great deal to the truck drivers out on our nation's roads everyday."