Leaders of the Teamsters union agreed to put to vote a revised labor contract from YRC Worldwide Inc , setting the stage for the struggling trucking company to go ahead with a vital restructuring plan.
The revised five-year contract, which eliminates wage freezes and adds bonus for employees on seasonal layoff, will be put to a full vote of 26,000 YRC truckers over the weekend, the union website said. ()
“We expect Teamster rank-and-file to vote in favor of a paycheck and ratify the agreement given the dire consequences if the revised agreement is not eventually approved,” Deutsche Bank Markets Research analyst wrote in a note to clients.
A ratification of the agreement will allow the company to proceed with refinancing its debt, more than $1 billion of which starts coming due in February. (Reuters)