YRC Worldwide in Talks With Teamsters on Revised Proposal
OVERLAND PARK, Kan., Jan. 16, 2014 (GLOBE NEWSWIRE) -- YRC Worldwide Inc. (Nasdaq:YRCW) announced today that it is in discussions with officials of the International Brotherhood of Teamsters (IBT) to determine the next steps to move the company forward following last week's vote. The company plans to revise its proposal to both work within the requirements of the capital markets to refinance the company and protect the jobs of its 32,000 employees.
"It is clear the Teamsters understand the urgency of the current situation," said YRC Worldwide CEO James Welch. "Although the company must achieve operational costs savings in the agreement, we also understand that simply re-voting the same proposal is not an option." Welch explained, "Over the past few days, many employees have reached out to me expressing concern about the future of the company and about how they could protect their jobs."
"While we are in discussions with the IBT to set the blueprint for the long-term future of the company, our drivers, dockworkers, account executives and customer service teams have been hard at work serving our customers," added Welch.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "will," "would," "anticipate," "expect," "believe," "intend" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are inherently uncertain and are subject to significant business, economic, competitive, regulatory and other risks, uncertainties and contingencies, known and unknown, many of which are beyond the company's control. It is important to note that the results of future discussions with the Teamsters and any intention to conduct or outcome of any re-vote on the above-mentioned proposal will be determined by a number of factors, including (among others) those risk factors that are from time to time included in
the company's reports filed with the SEC, including the company's reports on Forms 10-K and 10-Q and the company's Current Report on Form 8-K filed on December 9, 2013.
About YRC Worldwide
YRC Worldwide Inc., a Fortune 500 company headquartered in Overland Park, Kan., is the holding company for a portfolio of successful companies including YRC Freight, YRC Reimer,
Holland, Reddaway, and New Penn. YRC Worldwide has one of the largest, most comprehensive less-than-truckload (LTL) networks in North America with local, regional, national and international capabilities. Through its team of experienced service professionals, YRC Worldwide offers industry-leading expertise in heavyweight
shipments and flexible supply chain solutions, ensuring customers can ship industrial, commercial and retail goods with confidence. Please visit www.yrcw.com for more information.
Follow YRC Worldwide on Twitter: http://twitter.com/yrcworldwide
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Source: YRC Worldwide Inc.
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