YRC Worldwide Inc. had originally been expected to release earnings last week, but then it scheduled them for Thursday. On Wednesday afternoon, the Overland Park based less-than-truckload carrier (Nasdaq: YRCW) delayed its quarterly financial report to Tuesday.
If YRC can negotiate an extended labor contract — or perhaps even a better one — with its union, YRC CEO James Welch said in a Oct. 30 letter to employees that "Our lenders have made it clear the combined company needs to be performing better than it is today, and that we need a labor agreement with our Teamster employees that extends beyond our current expiration and any new debt maturities, and increases our competitiveness, before any refinancing can be completed."
Teamsters previously agreed to a 15 percent cut in wages, suspension of pension payments and reduced vacation time for members. Welch recently wrote that "Management has asked the (Teamsters) to work with us to support our refinancing efforts as an important next step in our turnaround. The time is now. The closer we get to our debt payment due dates, the less control we have over our own destiny."