Estes | In the News YRC 80% chance defaulting on loans

BossHog

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ON the trucker channel on the SAt radio during a news brief. They stated all major LTL's in the Country are posting handsome profit gains for the first part of the year.. However Yrc is still showing a loss. And with the buy of it's truck load divsion by Covenant. And it's restructure Yrc chairman stated that they are in the same boat they where in 2007 n 2008 and thier is an 80% chance of defualting all together on the 2nd Q loans......I get to my home term and they have a industry news letter posted with all this about YRC.. on the terminal bullitin board...

What's your opinion??????
Will they weather the storm for a second time??? I think so!
I couldnt emagin how busy it would be without them!!
 
I've heard we owned a piece of covenant. I haven't been following Yrc's restructuring. This is new to me.. Let's hope they keep fighting
 
they sold the truckload unit to celadon. And i wouldnt want YRC to go under. that would be too many people out of work, too hard on the already fragile recovering economy. I hope they make it, they should start by ridding the teamsters. Talk about an anchor, and not being able to be competitive. Flame onabout the union comment, but that is just my opinion.

How can a company survive when someone works for 4 hours and gets paid for 8? Most unions are like cancer.
 
The YRC guys are going nowhere...I said this from the beginning..Granted,it looked bleak,but they're roliin'...They have tightened their belts and doing rather well, considering...
 
The YRC guys are going nowhere...I said this from the beginning..Granted,it looked bleak,but they're roliin'...They have tightened their belts and doing rather well, considering...
I agree/ I seen them buying new trucks they need them . but i have also seen them putting thier new brand stickers on thier trucks i would think if thier in bad debts they wouldnt be spending money on stickers and large decals that just say YRC Frieght...... If company with large income like UPS said that it wasnt worth rebranding Overnight and motor cargo kust let the name fade with equipment purchases
 
they sold the truckload unit to celadon. And i wouldnt want YRC to go under. that would be too many people out of work, too hard on the already fragile recovering economy. I hope they make it, they should start by ridding the teamsters. Talk about an anchor, and not being able to be competitive. Flame onabout the union comment, but that is just my opinion.

How can a company survive when someone works for 4 hours and gets paid for 8? Most unions are like cancer.

Based off your comment, it's obvious you're not a YRC employee. We don't work 4 hours and get paid for 8. We, the drivers and dockworkers, are the union so what you are saying is YRC's employees are like cancer and the company needs to find a way to rid themselves of us. YRC's last CEO was spending money like a drunken sailor on shore leave. That is the only reason this company found itself in trouble and it had absolutely nothing to do with the teamsters. If anything the teamsters have bent over backwards to help save this company from what the past higher ups have done to it. We've reduced our pay, benefits and work rules to better match our non union competition and to be honest it's hard to find someone here who likes it. The only way to rid themselves of the union is for us to vote on it. It's been done before. I believe A Duie Pyle did this a long time ago. For us that would only mean more cuts so no thank you CenturyClass. I think I can speak for the majority when I say we would much rather see them shut down. It's amazing how they can cry about having no money and still reward themselves with millions in bonuses. When it comes to paying off loans and their workforce they're broke. When it comes to rewarding themselves it's like they hit the lottery.
 
Based off your comment, it's obvious you're not a YRC employee. We don't work 4 hours and get paid for 8. We, the drivers and dockworkers, are the union so what you are saying is YRC's employees are like cancer and the company needs to find a way to rid themselves of us. YRC's last CEO was spending money like a drunken sailor on shore leave. That is the only reason this company found itself in trouble and it had absolutely nothing to do with the teamsters. If anything the teamsters have bent over backwards to help save this company from what the past higher ups have done to it. We've reduced our pay and benefits to better match our non union competition and to be honest it's hard to find someone here who likes it. The only way to rid themselves of the union is for us to vote on it. It's been done before. I believe A Duie Pyle did this a long time ago. For us that would only mean more cuts so no thank you CenturyClass. I think I can speak for the majority when I say we would much rather see them shut down. It's amazing how they can cry about having no money and still reward themselves with millions in bonuses. When it comes to paying off loans and their workforce they're broke. When it comes to rewarding themselves it's like they hit the lottery.

Sounds Like the GM CEO's that we all bailed out but still got those nice bonuses.............
 
I reckon the high ups aren't taking any chances with their future and saying **** on everyone else
 
deadhead said:
Based off your comment, it's obvious you're not a YRC employee. We don't work 4 hours and get paid for 8. We, the drivers and dockworkers, are the union so what you are saying is YRC's employees are like cancer and the company needs to find a way to rid themselves of us. YRC's last CEO was spending money like a drunken sailor on shore leave. That is the only reason this company found itself in trouble and it had absolutely nothing to do with the teamsters. If anything the teamsters have bent over backwards to help save this company from what the past higher ups have done to it. We've reduced our pay, benefits and work rules to better match our non union competition and to be honest it's hard to find someone here who likes it. The only way to rid themselves of the union is for us to vote on it. It's been done before. I believe A Duie Pyle did this a long time ago. For us that would only mean more cuts so no thank you CenturyClass. I think I can speak for the majority when I say we would much rather see them shut down. It's amazing how they can cry about having no money and still reward themselves with millions in bonuses. When it comes to paying off loans and their workforce they're broke. When it comes to rewarding themselves it's like they hit the lottery.

I hope u guys make it. I had some good friends that lost their jobs when CF went out. Kids had to switch schools and stuff like that. It's real people not "the competition" that get hurt in these situations.
 
Starkravinloon said:
The YRC guys are going nowhere...I said this from the beginning..Granted,it looked bleak,but they're roliin'...They have tightened their belts and doing rather well, considering...

Half of them have already gone somewhere,dont they have half of the employees they started out with? I dont know how they make it,the debt cant be paid down,they arent close to breaking even.
 
just give them some obama money. that seems like the line these days. cant let them fail, thats a big voting block for him
 
just give them some obama money. that seems like the line these days. cant let them fail, thats a big voting block for him

Well, there is a time and forum for that...I try not to talk politics on the trucking company forums..We have enough problems...
 
it isnt politics if its the truth

Everyone is aware of the crunch the economy has put on the trucking industry...But, it's taken years and several people to do it...I blamed Clinton back during the Bush years, but the fact is, we had it too good for too long...This country was under total mismanagement, a lot like YRC...So now we're paying for it...It wasn't just one person at YRC, it was several,from what I gather...But I'm glad to see those guys doing better...It's great for the industry and the market, so I take my hats off to those guys that have hung in there at YRC, and wish them the best...
 
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