YRC, Teamsters Reach Tentative Agreement

YRC Worldwide said Thursday it has reached a tentative agreement with the Teamsters union on cost-cutting measures.

Neither the company nor the union provided details, and the Teamsters said specifics of the deal will be made available to union members next week and will then go to a vote, the Associated Press reported.

“We appreciate the ongoing willingness of the Teamsters leadership to work with the company to identify ways to improve the financial position of YRC Worldwide during this severe economic recession,” said Mike Smid, chief operations officer of YRC Worldwide and president of YRC Inc.

YRC said earlier Thursday that it a financial advisory firm has begun with key holders of the carrier’s debt securities as part of an effort to strengthen YRC’s cash position and capital structure.

Less-than-truckload carrier YRC Worldwide is ranked No. 4 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.