YRC
yrc
World in all parts of the company with the company’s past bankruptcy, short, one analyst said on Wednesday did not survive.
Truck drivers and overland trade unions negotiate with the International Brotherhood Park Trucking company at risk of failure, and Morgan keegan and Company analyst Art Hatfield said in a note, “Given the developments in negotiations between the parties, and increasing the doubt about the outcome of negotiations, we believe that in all parts of the company’s bankruptcy, the world still is expected in the near future for the medium term “was written.
While parties – has been tight lipped about the negotiations, the company is its 14-month, $ 500 million of which would achieve savings for the Association wants to end pension payments, and are not for them.
, Hatfield Although significant progress in this proposal will be firm and immediate need for liquidity during this period, he said, “will face a difficult road to become a reality and a challenge” was written.
He said, “what we know, the company pension plan and / or truck drivers operate under the proposal would not provide any concrete concessions” is written. Company’s employees “in addition, if the proposal had not been represented truck drivers to vote, we believe that at least one most likely to vote, considering that the employee will not be the brunt of these payments they think long will be finished in time … the safety and security provisions for truck drivers, workers made by the company (as far as we know) are not part of concessions. ”
In addition, he wrote Hatfield, rather than pay for truck drivers is postponed, which may be difficult for lenders to the company’s likely that the company assets as collateral or draw real estate will be reluctant to allow . The company may not offer as collateral for a little left, he said.
Hatfield shares the market “their rating changed from” do not vote for “”.
The company recently June 29 has begun negotiations with concessions truck drivers.
Company (Nasdaq: YRCW) with a 52 week low stock prices on Wednesday fell 89 cents to go to. At 52 weeks on November 20 last was $ 1.20, according to Yahoo Finance. The company closed down 89 cents Wednesday, down 35 cents, or 28 percent, 20.2 million shares in volume. During the last three months average daily trading stock, with 36 million shares.
Overland park is located, almost 49.000 employees – half of them union members – is down debt and freight company’s long recession has been weighed and lost in the first quarter to $ 257.4 million. For an attempt to reduce costs and maintain liquidity in the integral closure of branches and facilities, and set – off workers and sell the property.
Earlier this year, members agreed that 10 per cent cut in wages for truck drivers, and 15 per cent stake in the company by the end of 2013 in return for suspension of the high cost of living adjustment. Company using the company’s real estate collateral has been stopped payment of Pension Funds Association, interview, and 18 June, the largest pension fund with $ 83 payment for an agreement to reject one million safe
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