April 20, 2009. YRC today announced that its major banks, including J. P. Morgan, agreed to allow the company to use real estate as collateral and defer making payments to Teamster pension funds. However, YRC still needs to get the approval of the Teamster leadership, and of the various pension funds involved.
The announcement came in a form 8-K filed with the Securities and Exchange Commission.
YRC has some 40,000 Teamster employees in various Teamster pension funds. Approximately half of them are in the Central States Pension Fund, which covers the Midwest, the South, and the Carolinas.
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