YRC Worldwide Inc. (YRCW), one of the nation’s largest trucking companies, will request $1 billion in TARP money to help relieve pension obligations, the WSJ reported Thursday citing the co.’s chief executive.
From WSJ: Chief Executive William Zollars said the company will seek the money to help cover the cost of its estimated $2 billion pension obligation over the next four years.
By applying to the U.S. Treasury for money under the Troubled Asset Relief Program, Mr. Zollars said he hopes to “get the conversation started” with federal authorities about reducing the company’s pension obligations. He said YRC will submit an application to the Treasury Department as early as Friday.
Experts think the company’s odds of actually getting TARP money appear to be slim. But then again the Teamsters contributed a lot to Obama’s campaign.