January 5, 2010: The International Freight Division is hosting a mass telephone conference call for YRC Teamsters on Thursday, Jan. 7.
The call is set for 7:30 pm Eastern time. Members should dial in to (877) 269-7289. You must enter the access code after you dial in: the access code is 14111.
The IBT is expected to congratulate itself for helping YRC in its efforts to get bondholders to accept stock instead of cash payments. A similar call was held for local union officers and representatives on Monday morning.
IBT's top officers and key staff deserve credit for pressuring the big banks like Goldman Sachs, UBS, and Deutsche Bank to accept the equity for debt swap. This financial move goes a long way toward getting YRC out from under a huge debt load. Improved liquidity removes the threat of imminent bankruptcy.
IBT officials are also expected to ask members to help the company regain customers. During the question period of Monday's call, one Local Representative raised a concern about YRC's not providing good service to customers and delaying deliveries because of understaffing. International VP Gordon Sweeton replied that they had raised such problems with YRC management, but had been told that YRC was working on keeping current and is actually having its best on-time numbers.
In answer to another question Sweeton said that the IBT still has not decided on the member of YRC's board that the union appoints. He would not say who is under consideration.
Sweeton said that YRC management claims to be winning back customers. Is that what you are seeing on the streets?