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SOURCE International Brotherhood of Teamsters
Plan Will Provide Pathway For Substantial Debt Reduction, Refinancing
WASHINGTON, Jan. 26, 2014 /PRNewswire/ -- Teamsters working for YRC Worldwide Inc. [NASDAQ: YRCW] have approved a tentative agreement aimed at protecting more than 30,000 jobs. Workers voted this weekend after rejecting a prior company proposal. Teamsters at YRCW approved this latest proposal by a vote of 12,267 to 6,314.
Vote results can be viewed at http://teamster.org/sites/teamster.org/files/finalyrcw.pdf.
"This was a very difficult vote for our members, but in the end they did what they believe will give this company the best chance to stay in business and protect their jobs," said Jim Hoffa, Teamsters General President and Co-Chairman of the Teamsters National Freight Industry Negotiating Committee (TNFINC). "Now we will hold management's feet to the fire to make sure our members' jobs are protected and redouble our efforts to make sure this company handles its finances responsibly."
The plan will provide a pathway for substantial debt reduction and refinancing initiatives that will permit the company to protect jobs.
"Once again, our members' sacrifices are providing the lifeline for the company," said Tyson Johnson, Director of the Teamsters National Freight Division and Co-Chairman of TNFINC. "Now we fully expect the company to successfully conclude the deleveraging and refinancing components of the restructuring to once and for all put this company on a sustainable path."
The agreement approved this weekend contained significant improvements over the company's prior rejected proposal. On Jan. 9, a ballot count revealed that an initial company proposal was rejected by over 19,000 Teamster members who voted over several weeks.
Founded in 1903, the International Brotherhood of Teamsters represents 1.4 million hardworking men and women throughout the United States, Canada and Puerto Rico. Follow us on Twitter @Teamsters and "Like" us on Facebook at www.facebook.com/teamsters.
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