Degree of risk Faced with declining shipment volumes, trucker YRC Worldwide -- owner of Yellow Transportation and Roadway -- has had to take drastic steps to survive the economic crisis that has caused even shippers such as FedEx (NYSE: FDX) and United Parcel Service (NYSE: UPS) to flub their results. While YRC gained a lot of headlines for thinking out loud about applying for $1 billion in TARP funds, it ultimately decided not to pursue that course of action, saying it only wanted to get the ball rolling on discussing changes needed in the rules for company-sponsored pensions. YRC pays into 36 different multi-employer pension plans, for which it has an estimated $2 billion in payment obligations over the next four years. It subsequently reached an agreement with its largest pension fund to defer payments while putting up some of its real estate as collateral. Also, YRC has had to accelerate plans to right-size the company. Previously, it had announced that it would trim its 2008 year-end total of 521 facilities to 400 by the end of this year. It then bumped up the timeline by about six months. It's also shaken up the management team by firing four top executives and has sold its headquarters building. Management disputes analysts' forecasts of bankruptcy, and says its efforts will be enough to stave off such a filing. CAPS member 92557 would agree with analysts that the end is nigh, however, as conditions and morale continue to deteriorate every time YRC seeks an extension: I think the fat lady is already singing on this one, everyones just turning a deaf ear to avoid the obvious. Billions of dollars in debt, having to get extension every time a note payment is due, months behind in pension payments. The employees have already taken a 10% pay cut and now they find out they will get no [accrual] into pension plan due to lack of payments, morale destroyer. I dont see a bailout coming. While the 34 other companies in the CAPS Road and Rail sector have fallen 3% in the past month, and the S&P 500 is off 5%, YRC Worldwide has plummeted some 37% as concerns over its viability have increased.