YRC Seeks to Use Real Estate for Pension Payments
April 13, 2009. YRC is bargaining with the IBT to post real estate as collateral to Teamster pension funds to defer making pension contributions. This would include employees at YRC, New Penn and Holland, and would amount to about $10 million per week in deferred payments.
In a document filed today with the Securities and Exchange Commission (SEC), YRCW stated that “the Company is seeking to provide certain of the Company’s real estate as collateral to the Pension Funds in lieu of making payments of contributions for certain to-be-agreed-upon months.” The statement goes on to say they are seeking to get the agreement of the union to accept the deal, and of its lenders to release the real estate.
April 13, 2009. YRC is bargaining with the IBT to post real estate as collateral to Teamster pension funds to defer making pension contributions. This would include employees at YRC, New Penn and Holland, and would amount to about $10 million per week in deferred payments.
In a document filed today with the Securities and Exchange Commission (SEC), YRCW stated that “the Company is seeking to provide certain of the Company’s real estate as collateral to the Pension Funds in lieu of making payments of contributions for certain to-be-agreed-upon months.” The statement goes on to say they are seeking to get the agreement of the union to accept the deal, and of its lenders to release the real estate.
