YRC Worldwide in talks with Teamsters following union contract vote

By Jennifer Chiou

New York, Jan. 16 - YRC Worldwide Inc. announced that it is in discussions with officials of the International Brotherhood of Teamsters after the company's union rejected a new contract.

The company said in a press release that it 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," chief executive officer James Welch said in the release.

"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."

As announced, the vote put the company's much needed refinancing agreement in jeopardy. Creditors had made the financing contingent on contract approval.

YRC is an Overland Park, Kan.-based less-than-truckload carrier.

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