YRC Worldwide Probability Of Bankruptcy

Discussion in 'YRC Freight' started by Jaloc, Mar 15, 2019 at 9:25 AM.

  1. Jaloc

    Jaloc Well-Known Member

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  2. Jaloc

    Jaloc Well-Known Member

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    https://abcnews.go.com/Business/story?id=7605063&page=1

    YRC CEO Bill Zollars said the pension obligations are unfair because YRC must now pay for employees who never worked for the company. Multi-employer pension plans pool benefit money into a lump sum and dole it out to workers when they are eligible for retirement. But this can leave large companies paying benefits for other companies that have gone out of business.
    Two years ago, UPS Inc. paid $6.1 billion dollars to withdraw from the Central States Pension Fund, another multi-employer plan.

    There is no way YRC pays full pension rate again unless some kind of deal is made to dump the orphans.
     
  3. Triplex

    Triplex Experienced stalker

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    A 10 year old story? Your somewhat negative posts seem to indicate your unhappiness. Question for me is why haven't you moved on?
     
  4. oneofus

    oneofus Active Member

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    A lot of em, he's just one of the worst
    5 years went by they stayed and wanted the company to shut down
    10 years went by they're still here everyday talking constantly about the greener pastures and wanting the company to go bankrupt
    15 years will go by if the new contract doesn't give a 10 dollar raise full pension and 15 more sick days and they're gonna stay and constantly post and talk about the greener pastures everyday and talk bad about a place they went to everyday for 30 years with so much better options out there
    Then 20 years go by and shut the doors again if not made whole from 2 decades with 35 to 40 years of service going on 70
    Still staying with everybody hiring for at least twice the pay and so much of a better environment with "the biggest shortage ever"
    25 years go by...............
     
  5. BIG R GUY

    BIG R GUY President- Bagg Consulting Cedar Rapids

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  6. abfempm

    abfempm Active Member

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    There's a lot of people at YRC and ABF that didn't start here they have a lot of orphan time as you call it so what you're saying is when you go to retire should we deduct your orphan time and give you what you have at abf or YRC would that be fair
     
  7. jimbobillybob

    jimbobillybob Active Member

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  8. Jaloc

    Jaloc Well-Known Member

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    It's not fair these funds were setup that these companies would continue to keep paying when was the last time the Union organized a company to start paying into these funds? I blame the Union too for not organizing more companies and pressuring Democrats to reenact regulation in our industry plus not bailing out pension funds when they can bailout banks.
     
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  9. Dawayne Pearson

    Dawayne Pearson New Member

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    You gotta be some kind of studid, or mildly retarded, if you think Uncle Sam is going to let YRC close it’s doors in this economy, as it controls more than 20% of all LTL, not going to happen. Federal mediators would be put in place and I’m pretty sure YRC doesn’t want anyone looking that hard at their books.... now that I say that, the Teamsters too!
     
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  10. Stimpy

    Stimpy Wingnut

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    In my opinion.... I think that you are sadly mistaken to think yrcw is to big to be closed..... do you remember CF.....
     
  11. Elwood

    Elwood Question Authority

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    YRC is an outdated behemoth with one enticing quality. A vast national network.

    In changing times, that national network will only be required to transport Vermont maple syrup to LA and agave to Bangor.

    Fuel and manpower costs to transport coast to coast will soon outweigh the value of most products. Hubs for Amazon and Walmart will bring most products for consumers within a two day window. Only uniquely specialized products will require the YRC network.

    We are lucky to have survived this long.
     
  12. peachykeen

    peachykeen Member

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    Where did you get that number of YRC controlling 20 percent of ltl
     
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  13. Dawayne Pearson

    Dawayne Pearson New Member

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    I do indeed. CF was a completely different circumstance as they siphoned off business to Con(solidated Freght)Way. As you see with the parentheses, they took the solidarity out of freight, and on all days Labor Day. It was a well planned out and tactical blow to the IBT. This was instrumental in the formation of new language in the following contract to forbid other companies from doing the same, by not allowing the ownership of non NMFA covered companies. As a Yellow descendant, I can only speak of the sell off of Saia, but I believe Big “R” had a turd in the lunch bowl too.
     
  14. Dawayne Pearson

    Dawayne Pearson New Member

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    It was in a recent biz journal publication, I tried to find it with no luck. It was on one of the market index’s pub’s and it spoke of YRCW as whole, not YRC, sorry for any confusion.
     
  15. Quasi

    Quasi Active Member

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    Back to the thread topic, not sure if they will or won't. If they do file bankruptcy, well not much any of us can do about it. I've been prepping for that scenario since the MOU came into effect 10 years ago. My personal well being is what I can control.
    I don't know if YRC can pay more, and stay solvent. That's up to the Teamsters negotiating committee, management, and the members.
     
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  16. Griz

    Griz Well-Known Member

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    Come on guys, do you not realize a thread like this is advertising fear for the management team we are currently in negotiations with.
     
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  17. Elwood

    Elwood Question Authority

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    Please! It’s not like all the numbers are out there.

    Even YRC realizes the status quo is unsustainable.
     
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  18. Quasi

    Quasi Active Member

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    I don't believe it is. All information should be out there in order to make an informed voting opinion. One needs to know all the facts about our company no matter how we feel about it. Making emotional decisions is foolish.
    If you read my earlier post, I'm ready for whatever happens. I don't believe this thread gives anyone ammo for or against anything.
    Is there a chance they go bankrupt? The chart says 43%. That's probably less than it was 10 years ago when the MOU was forced on some of us.
    In the end, it all boils down to what's proposed, and what the majority of the membership are willing settle for.
    Knowing what we're voting for, and all it's consequences are all part of it.
     
  19. Stimpy

    Stimpy Wingnut

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    You can live in fear of a company going bankrupt anywhere.... I have been through a few companies going under... I will move on to another company if this one goes under.... but I do think the company is putting the fear out there to keep it the same way as it has been for the last 10 years.... in my opinion
     
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  20. Quasi

    Quasi Active Member

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    Agree
     

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