The surprises just keep on coming. Scanning discussion boards for the trucking industry led me to believe union drivers would have stuck a knife in YRC Worldwide (YRCW) just for spite. I really thought the Teamsters were dumb enough to let YRCW slip beneath the waves. I guess somebody finally told them that they’d be out of jobs if they let that happen. They’ve agreed to let YRC Worldwide have more time to fix its balance sheet. Perhaps all those union dues bought them some competent legal counsel.
YRCW still faces the undesirable choice of debt rescheduling or equity dilution, but at least now it can make this choice without knuckle-dragging union drivers getting in the way of common sense decisions. Hey Teamsters, quit whining and start driving so your shop stewards can get back to drinking coffee in the break room.
Full disclosure: No position in YRCW