YRC offers update on turnaround efforts - Kansas City Business Journal:

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The Overland Park-based trucking company YRCW) late Wednesday offered an update about its work to position itself to ride out theeconomicx downturn. The release followed a tradinf day in which YRC stock pricex plunged 28 percent toa 52-week low of 89 compared with a previous low of $1.20. Also an analyst said for YRC in the near to Severalmonths ago, YRC said, it retainede financial advisers that include , and to help form a “comprehensivwe strategic plan to address its capital structuree and liquidity needs.” As part of that, Rothschild has started preliminaryt talks with several parties that hold significant portions of YRC’xs debt securities.
Labor agreement negotiationxs with the union are continuingand “remain the release said. The talks reportedlyh center around YRC ending its participation in unionb pension plans for 14 which would yieldabout $500 million in savings. YRC also detailedf other progress it has made in recent including integrating its Yellow and Roadway networks into YRC to cut a bank agreement amendment that let YRCuse $73 millionh in escrow funds from asse t sales to pay down its revolving credit facility and progresx on agreements to defer pension fund payments using company real estatwe as collateral.
YRC reached an $83 million in second-quartedr pension contribution payments with the largest pension fund in since then, seven other funds have entered the same bringing deferral of another $11 million in payments. YRC, which contributes to 36 multiemployerpensiob plans, still is in talks with the remaining “We can’t control the economic environment, but we certainly can and are controllinbg our response to it,” YRC Chairman and CEO Bill Zollara said in the release. “Our self-helop recovery plan is proactive and has the supporgt ofour stakeholders. We are taking the steps needec to manage ourplan today, and positionm our company for success as the economy recovers.
” YRC, which employs about 49,000 people, plane to announce a date for its second-quarter earnings releaser within the next week. YRC ranks No. 2 on the Kansas City Businessx Journal’s list of area publiv companies.