Teamsters reject YRC Worldwide contract extension

[Skeeter Barnes]

Teamsters employees at trucking giant YRC Worldwide Inc. on Thursday overwhelmingly rejected a concessions-laden contract that the company said it badly needed.
File photo Drivers for YRC and its regional trucking companies were being asked to extend their current contract.

The rejection puts the Overland Park-based company in jeopardy. YRC executives said lenders demanded the contract extension before they would refinance more than $1 billion in debts the company can’t repay.

YRC executives were scheduled to meet with lenders in New York Friday.

Official results of a month-long mail-in vote tabulated on Wednesday and Thursday showed that 61 percent rejected the pact’s extension for five years while 39 percent rejected it, according to the International Brotherhood of Teamsters.

Read more here: http://www.kansascity.com/2014/01/09/4739712/teamsters-reject-yrc-worldwide.html#storylink=cpy

additional info:

January 3, 2014: Meet Harry Wilson. Hoffa appointed this Wall Street tycoon to the YRC Board of Directors. Now Wilson is making millions on the YRC concessions deal.

Hoffa appointee Harry Wilson has received, or stands to receive, as much as $15 million for dealing with distressed companies that bargain with the Teamsters since he was first tagged by James Hoffa to work on YRCW’s 2011 restructuring. This includes a $5.5 million bonus if YRC members approve the concessions and a bank deal is consummated.

Who is this man?

Wilson’s early career was with various hedge fund and private equity firms. He made it big on Wall Street and retired at age 36.
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