1. Refinancing. The current interest rates are eating up any would be profits. In order to get refinancing the banks want stability in the workforce for five years (would you invest money in a co. that might be on strike in one year?). They also want to see one hundred million dollars in cost cutting per year (If you have no chance of paying down the principle the interest rate will remain high.)
2. The Employees. Without the willingness of the employees to sacrifice something, the aforementioned cost savings will not materialize (No one liked the latest offer, not even the yes voters). Any suggestions on how to get there would be appreciated, don't suggest foreign accounts (that don't exist), or management salaries and bonuses (while salaries could be cut and bonuses eliminated, they don't even come close to the amount of savings required). Like it or not it is we the union workforce that must produce the vast majority of the cost savings. How we achieve those savings is anybody's guess.
3. Customers. Unless our customers are willing to put their freight on our trucks there is no hope. Layoffs will begin as soon as freight levels drop, and that will be the beginning of the end
4.Speed. If an agreement cannot be reached quickly, it's game over (huge payments are due soon).
5. The Union Leadership. The leadership must be truthful with the membership, no matter what the political cost (TDU will bash the Hoffa administration no matter what the outcome is) I would much prefer honesty from our leaders, be the news good or bad, than total silence. If this is the last and only chance for survival, let us know.
Closing the doors is not the best option.
We, the employees, have everything to lose, and nothing to gain by a closing (unless you value foolish pride more than an income and healthcare). There is a chance that YRCW will be a much stronger company after five years, we will see, if not we will have to make this decision all over again. There is a point at which this job does not pay enough (and that is probably different for everyone), however, I have not witnessed a mass exodus for other employment (even laid-off employees return after years of lay-off).
Selling off any of the subsidiaries is also not an option, the withdrawal liability to the pension funds is much greater than the value of any of the companies, and would prohibit an outright purchase.
What happens next, we will see. I only hope (for all of our sakes) that there is still time to find a solution.
2. The Employees. Without the willingness of the employees to sacrifice something, the aforementioned cost savings will not materialize (No one liked the latest offer, not even the yes voters). Any suggestions on how to get there would be appreciated, don't suggest foreign accounts (that don't exist), or management salaries and bonuses (while salaries could be cut and bonuses eliminated, they don't even come close to the amount of savings required). Like it or not it is we the union workforce that must produce the vast majority of the cost savings. How we achieve those savings is anybody's guess.
3. Customers. Unless our customers are willing to put their freight on our trucks there is no hope. Layoffs will begin as soon as freight levels drop, and that will be the beginning of the end
4.Speed. If an agreement cannot be reached quickly, it's game over (huge payments are due soon).
5. The Union Leadership. The leadership must be truthful with the membership, no matter what the political cost (TDU will bash the Hoffa administration no matter what the outcome is) I would much prefer honesty from our leaders, be the news good or bad, than total silence. If this is the last and only chance for survival, let us know.
Closing the doors is not the best option.
We, the employees, have everything to lose, and nothing to gain by a closing (unless you value foolish pride more than an income and healthcare). There is a chance that YRCW will be a much stronger company after five years, we will see, if not we will have to make this decision all over again. There is a point at which this job does not pay enough (and that is probably different for everyone), however, I have not witnessed a mass exodus for other employment (even laid-off employees return after years of lay-off).
Selling off any of the subsidiaries is also not an option, the withdrawal liability to the pension funds is much greater than the value of any of the companies, and would prohibit an outright purchase.
What happens next, we will see. I only hope (for all of our sakes) that there is still time to find a solution.
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