MILE MARKER #56
YRC Worlwide is seeking $1 billion in federal bailout money to help relieve the obligations for pensions. Experts in the industry say that the company's odds of actually getting TARP (Troubled Asset Relief Program Money) are slim to none. The move comes as the trucking heavyweight struggles to shore up its finances. The company's ability to make it through the recession will have significant implications for the trucking industry and large customers across the nation.
YRC owns a 20% share of the national market in the less-than-a-truckload industry. LTL is trucking companies who combine multiple customers' loads into a single truck. The bailout request comes at a time when YRC is taking steps to cut costs and raise cash.
YRC's Chief Executive William Zollars thinks that the company shouldn't be forced to pay the pensions of employees who never worked at YRC. Zollars says that the company is making really good progress on its financial recovery plan and thinks that YRC shouldn't have to carry this extra burden. Even if denied the TARP funds, it's a way to get the dialogue started about the pension issue.
Posts
1 comments:
a part of ongoing campaigns to increase the Link Popularity of our web sites. As you know back links helps to achieve high search engine rankings & generating more traffic to our Sites as well. I am looking for some related web sites like your website for exchange links with us. My client site is ranking in all major search engines as Google, Yahoo and MSN.
Post a Comment