Important Questions And Answers For YRCW Members

R-14Driver

Well-Known Member
Q: Some Teamsters at my terminal are saying vote it down and send the Committee back to the table to
get a better deal.Will there be second chance for YRCWTeamsters if this is rejected?

A: The short answer is there will be no second bite at the apple and the parties have no “Plan B”.
Time has essentially run out on YRCWto straighten out its finances. The company’s revolving credit
agreement expires at the end of thismonth and the banks will not renew the facility unless they see a workable
financial future for the company that includes long termchanges to its cost structure. The banks will not wait
until YRCWburns through its remaining cash – they will get out while there’s still some cash and receivables
to count on.
Your Committee has challenged every assumption that YRCWput forward over the last severalmonths and
hired industry and financial experts to aid in the evaluation of every detail and proposal.No stone has been left
unturned and we believe this is the best,most realistic settlement we can expect under the circumstances. Individuals
who are saying “vote no”must have lined up another job somewhere else because that’s what they
have to look forward to – not a second offer coming fromYRCW.
 
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R-14Driver

Well-Known Member
Q: Holland is hiring again and NewPenn seems to be doing better this year as well.
Why are we are all tied up together on this Restructuring Plan?

A: In addition to the companies being all under one agreement, namely the NationalMaster Freight Agreement,
and still subject to the two previousMOUs, all of YRCW’s assets and liabilities are controlled by the parent
with its secured debt cross-collateralized between the rolling stock and property of all the operating subsidiaries.
If one carrier goes down, they all go down since the banks have claimto all assets through secured
lending agreements. This includes Reddaway,GlenMoore and any other companies under the YRCWbanner.
While it is troubling that each company cannot be evaluated on its own or have terms and conditions that reflect
its unique characteristics, the reality is Teamsters at YRCWsubsidiaries are all under one agreement and
have one common corporate parent that ultimately controls the destiny of eachmotor carrier.
Q:
 
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R-14Driver

Well-Known Member
Q: Why does the contract have to be extended another two years?

A: The Restructuring Agreement contemplates a complete overhaul of howYRCWand its subsidiaries finance
their freight operations which will includemajor additional contributions fromboth its traditional banking
partners as well as new investors. In order tomeet the extended timelines that allow
YRCWto repay debt and also provide a realistic horizon formonetary returns for
new investors, a four to five-year timeframe of employee sacrifice and cost cutting
is needed. It would be impossible to attract the level of capital required to finally
realign YRCW’s cost structure with its revenue base in only a two- or three-year
period since the company does not project a completed turnaround in that time
span. In addition, because of the very soft nature of the US economy, one cannot
predict withmuch confidence that future volumes will return to previous levels
over the next two years and a sustainable business plan be fully enacted.
 
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R-14Driver

Well-Known Member
Q. How will my pension be affected by the continued abatement and reduced contributions?

A: As some pension funds have already indicated by letter to plan participants, the proposed schedule for YRCW
companies to return tomaking 25 percent of previous pension contributions on June 1, 2011 will undoubtedly
result in benefit reductions. Because YRCWTeamsters participate inmore than 20 different pension plans,
members will have to contact their respective funds for detailed and specific information.Unfortunately, due to
the timing of various pending financialmatters,we are not able to provide specifics in this regard and rather
need to rely on the respective funds and their Trustees to performtheir own diligence in thesematters.We
remain convinced however that these alternative scenarios are an improvement over a YRCWshutdown.
 
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R-14Driver

Well-Known Member
Q. Last year a fewbargaining units in Chicago and elsewhere did not vote in the last round of
changes includingwage cuts.What’s happening with those groups this time?

A: Per the Teamsters General Executive Board initiative taken last November, the driver and dock units in
Suburban Chicago, and Locals 705 and 710 were brought under the Central Region NMFA so they will be included
in the collective vote being held for Teamsters employed at YRC and Holland across the United States
and come under the Plan. There are still white paper units around the country at all three companies covering
office,mechanic andmaintenance bargaining units (primarily in the Eastern and Central Regions) whose
ballots will be tallied separately as they were in the past.
 
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bootleg707

Active Member
Thanks R14 there are too many hotheads that don't realize there is no plan B. Banks run the show now. They will cancel credit on recievables 2 days after no vote, then liquidate. THIS IS NO BLUFF!
 

wolf

Stinks around here lately
Thanks R14 there are too many hotheads that don't realize there is no plan B. Banks run the show now. They will cancel credit on recievables 2 days after no vote, then liquidate. THIS IS NO BLUFF!
You found 1 Q&A to get back up on the soapbox, care to comment on the rest of them?
 

Jay C

Banned
I hate to shout but

can you hear me now?




Chicago
Holland
New Penn
 

longblade

im here to make you uncomfortable
guess you need reading lessons joe . he said yrc members since you dont work any more that kind of leaves you in the same position as our leader at yrc . begging over and over till you are blue in the face but it wont help . only thing that will help is a resounding no vote to let them no that enough is enough . they need to cut their own wages and perks and go back to moving freight and not men and family's
 
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