Rumor has it Western Conference Pension Fund kicked YRCW out of Fund, effective June 10, 2009.
I refer you to this memo posted by TDU, purportedly from Chuck Mack to affected Western Region Joint Councils and Locals:
http://tdu.org/files/NA_090608_174674507.pdf
This would make sense since the Western Conference sent them to collections for two months of unpaid contributions.
Heard last month that they were going to ask for $1B in tarp money to stay afloat and faces an estimated $2 billion in pension obligations over the next four years. I fear that somehow UPS will end up with the pension bill.
The TARP request is very true. As for the affect on UPS, This is part of the reason for UPS backing away from its pension obligations and putting it in the hands of the teamsters. Ala Central States buy-out. I wouldn't expect UPS to be affected on the Pension front, the IBT on the other hand . . .
i know YRC just sold and leased back their corporate headquarters in Kansas. I really can't see them staying in business much longer if the economy doesnt skyrocket up.
them folding would really help the entire transportation industry, and especially UPS. They have are 30.9% of the total LTL marketshare....and of that, probably 25% of those packages could go UPS ground/hundredweight/GFP.
YRC just sold their corporate headquarters for 22.5M and then leased it back at a cost of 3.4M annual in lease payments. They have generated 200M+ in similar sales of their buildings only to lease them back. This is very shortsighted as a company as many of these properties (including their corporate HQ which appraised for 2.5M more) are being sold well below market value.
Bottom line, submit leads for Freight. If you see a freight truck, submit a lead. I'm not going to lie to you, it's going to be very hard to get sold, but there are a lot more opportunities out there, it should be like taking candy from a baby.