Meetings have begun of the two joint labor-management committees set up to address the YRC Worldwide Inc. (YRCW) companies’ re-entry into Teamster pension funds in January 2011 and ways to enhance the companies’ competitiveness in the freight industry.
General President Jim Hoffa sent a letter to the Senate Banking Committee explaining how credit default swaps jeopardized YRCW and urging strict regulation of these dangerous financial instruments.
In a further sign of progress for a plan to save the jobs of 30,000 freight Teamsters, YRC Worldwide, Inc. (YRCW) announced today that its stockholders have approved changes that enable the company to finalize its bond exchange. Today’s stockholders’ approval is good news for 30,000 freight Teamsters employed at YRCW companies.
The Teamsters Union is extremely supportive of the financing YRCW [Nasdaq: YRCW] announced today to refinance the remaining bonds that did not exchange in last month’s exchange offer.
The following is a letter from National Freight Division Director Tyson Johnson and questions and answers regarding the YRCW debt-for-equity exchange and the next steps involved.
Memo to Treasury Secretary Tim Geithner: If you want to survive another year in Washington, start channeling your inner Jimmy Hoffa. Yes, Hoffa -- James P. Hoffa, that is -- the current Teamsters boss and the one man who has stared down Goldman Sachs and the big-money crowd on Wall Street and come out a winner.
Among the causes of the ongoing financial meltdown, many experts cite the Commodity Futures Modernization Act, smuggled through Congress late on a December evening in 2000.
In the battle between the truckers and the hedge funds, the truckers won. The fact that YRC Worldwide almost went bust because of credit-default swaps shows how little has changed on Wall Street.
It would have been a remarkable sight: Teamsters protesting outside the offices of a large hedge fund, Brigade Capital Management. The International Brotherhood of Teamsters planned a midday rally against the hedge fund accusing the firm of refusing to participate in trucking company YRC Worldwide’s debt-for-equity swap.
YRC Worldwide Inc. [NASDAQ: YRCW] announced that it reached the necessary thresholds on its bondholder debt-to-equity exchange offer that concluded today.
Teamsters at YRC Worldwide, Inc. (YRCW) dialed in to a “tele-town hall” discussion on Thursday night to get an update on the efforts to save 35,000 Teamster freight jobs at YRCW. Listen to the audio here.
Members of Local 705 and 710 in Chicago employed by YRC Worldwide, Inc. have voted on a plan to keep 35,000 YRCW members on the job. The ballots were counted today. For the latest results, click here.
On November 24, 2009, the General Executive Board, after extensive discussion, exercised its authority under the International Union Constitution and passed a resolution which terminates the exceptions or policies that granted Local Unions in the Chicago and vicinity the right to negotiate “white paper” bargaining agreements, rather than participate in national bargaining in the freight industry. Members covered by white paper contracts will not lose any existing working conditions contained in their contracts that are superior to those in the National Master Freight Agreement and its Supplements. More
The Teamsters Union is calling on the small number of bondholders that are standing in the way of YRC Worldwide Inc.’s [Nasdaq: YRCW] financial restructuring to take part in debt-to-equity exchange.
Teamster members at New Penn have overwhelmingly approved a Job Security Plan that provides economic relief to its parent company, YRC Worldwide, Inc. (YRCW), as it tries to recover from a recession that is pummeling the freight business.
Teamsters at New Penn will have the opportunity to vote again on the Job Security Plan, and ballots will be mailed on or about Wednesday, August 19, 2009 and will be due back September 9, 2009. Read letter to members.
Teamster members who work at the freight companies of YRC Worldwide Inc. (YRCW)—Yellow, Roadway and Holland—have approved a Job Security Plan that provides economic relief for YRCW as it works to get through the worst economic crisis since the Great Depression.
The Independent Election Supervisor has announced that due to an overwhelming number of ballots cast, the YRCW ballot count will not be completed until Friday, August 7, 2009.
YRC Worldwide chairman Bill Zollars apologized to the company’s Teamsters employees, saying the trucking giant’s nonunion workers will take as much or more in salary cuts as the union workforce.
General President Hoffa contacted Bill Zollars at YRCW yesterday concerning recent statements and announcements that are contrary to the NMFA and the recent MOUS and demanded an immediate clarification.
The response from Zollars to Hoffa’s letter is here.
YRC Worldwide Chairman and CEO Bill Zollars has been forced to apologize to the company's Teamsters employees after making public comments hinting that the company's non-union work force would not have to take further cuts in pay. That angered YRC's 30,000 Teamsters, who already have taken a 10 percent wage cut and freezes in their pension payments. Currently YRC's Teamsters are in the process of voting on approval an additional 5 percent wage cut and more cuts in pension payments.
The attached PDF is a memo from Tyson Johnson, Chairman of TNFINC, providing clarification of the intended meaning and application of Paragraph #19 (Leave of Absence) of the Revised YRCW Job Security Plan.
Ballots were mailed July 17 to all YRCW Teamsters regarding the proposed Memorandum of Understanding (MOU). The Teamsters National Freight Industry Negotiating Committee (TNFINC) believes the MOU is the best effort to protect tens of thousands of Teamster members’ jobs, wages, and health and pension benefits into the future.
Ballots must be received by the Lanham, Maryland post office by August 6.
The MOU and other informative documents on the tentative agreement are available in the “Related Links” box in the upper right corner of this page.
On July 16th, thousands of YRCW Teamsters participated in a conference call about the proposed Memorandum of Understanding (MOU) with General President Jim Hoffa, General Secretary-Treasurer C. Thomas Keegel and Freight Division Director Tyson Johnson. The conference call was meant for members to hear directly from IBT leaders about the MOU and to ask questions.
Click here to listen to the conference call. The MOU and other informative documents on the tentative agreement are available in the “Related Links” box in the upper right corner of this page.
Immediately following the two-man freight meeting held July 14, a freight bulletin, summarizing the meeting and the documents presented, was sent to the printer and will then be mailed to all affected members. The bulletin contains a question and answer section members will find helpful.
The following documents were presented July 14 at the Two-Man Freight meeting concerning YRCW. The documents contain important information for members on the economic relief plan for YRCW companies that protect thousands of Teamster members’ jobs and their retirement security.
The Memorandum of Understanding (MOU) is a revised agreement between the Teamsters and YRCW that addresses the company’s immediate cash concerns and long-term competitiveness while protecting Teamster members’ jobs and benefits once the company returns to profitability.
The Teamsters National Freight Industry Negotiating Subcommittee announced today that a tentative agreement has been reached with YRCW that addresses the company’s immediate cash concerns and long-term competitiveness while protecting Teamster members’ jobs and benefits once the company returns to profitability.
A subcommittee of the Teamsters National Freight Industry Negotiating Committee and YRC Worldwide, Inc. continued to exchange proposals today during the second day of talks aimed at trying to negotiate a plan to address the company’s short-term operating cash needs.
Negotiations will resume Wednesday, July 1, at Teamsters Headquarters in Washington, D.C.
A subcommittee of the Teamsters National Freight Industry Negotiating Committee (TNFINC) and YRC Worldwide, Inc. (YRCW) continue to assess proposals. Discussions will continue through the week and face-to-face negotiations will resume next week.
Negotiations are being held at the Teamsters’ headquarters in Washington, D.C.
A subcommittee of the Teamsters National Freight Industry Negotiating Committee (TNFINC) and YRC Worldwide, Inc. (YRCW) exchanged proposals today, as both sides attempt to negotiate a plan aimed at addressing the company’s short-term operating cash needs. The TNFINC subcommittee is currently reviewing the proposal.
Thousands of YRC Teamster members listened to a YRCW conference call at 9 p.m. Eastern Time on Thursday, June 25. If you were not able to listen to the call, you can hear it here.
On June 18, more than 200 leaders of Teamster freight local unions unanimously agreed to give the Teamsters National Freight Industry Negotiating Committee (TNFINC) the authority to negotiate with stakeholders in an effort to help address YRC Worldwide, Inc’s need for more operating cash.
On June 18, more than 200 leaders of Teamster freight local unions unanimously agreed to give the Teamsters National Freight Industry Negotiating Committee (TNFINC) the authority to negotiate with stakeholders in an effort to help address YRC Worldwide, Inc’s need for more operating cash.
