Teamsters union members at YRC Worldwide Inc. voted to a four-year contract extension through 2019, which the carrier called a “key ingredient” toward refinancing $1.4 billion in debt.
The result was announced Jan. 26 after three days of voting in which 66% of employees chose to approve the proposal. The Teamsters said the agreement extending the contract beyond March 15 is aimed at protecting more than 30,000 jobs that would have been at risk if YRC could not renegotiate its debt.
“This was a very difficult vote for our members, but in the end they did what they believe will give this company the best chance to stay in business and protect their jobs,” Teamsters general president Jim Hoffa said in a statement. “Now we will hold management’s feet to the fire to make sure our members’ jobs are protected and redouble our efforts to make sure this company handles its finances responsibly.”
