You should fully read and understand these articles, if you work for YRC. Good luck on the contract.
http://www.logisticsmgmt.com/articl...o_yrcs_future_as_company_pursues_wage_cut_ext
“There are really four groups—employees, customers, banks and shareholders,” Jindel told LM. “The banks and shareholders will not save the company. Employees and shippers will.”
http://www.dcvelocity.com/articles/...ompanys-future-becomes-someone-elses-problem/
At the same time, the company is coming off a sloppy third quarter, which warranted a mid-October negative pre-announcement blaming the results on the combined impacts of hurricanes Harvey and Irma on its network operations, even though other LTL carriers didn't seem too affected by the storms. (The narrative prompted David G. Ross, who covers YRC for investment firm Stifel, to coin, in a research note, the phrase, "Here comes the story of the hurricane, the storm YRC came to blame.") The quarter also brought surprising news of poor performance from YRC's New Penn Motor Express regional unit, for decades considered the gold standard of LTL efficiency and profitability. The weakness, which a source said was attributed to IT issues, led to the resignation of its president.
YRC caught a break when its lenders agreed to extend the maturity date for a $641.7 million term loan to July 26, 2022, from 2019, a move that Ross of Stifel said gives the company more breathing room and better negotiating leverage with the Teamsters. Lurking in the background are about $2 billion in unfunded pension liabilities, which, as with most such obligations, is classified as an off-balance-sheet expense. At this time, YRC's third-quarter balance-sheet debt stands at $941.7 million, the lowest it's been since before the Great Recession. The coverage ratio of debt to earnings before interest, taxes, depreciation, and amortization over the past four quarters sits at 3.52 to 1, and terms of YRC's loan agreement require the company to significantly narrow the ratio over the next five years.