YRC Worldwide Obtains Commitments for $400 Million Asset-Based Loan Facility

Significant milestone reached as company moves toward closing its financial restructuring planYRC Worldwide Inc. announced today it has obtained commitments for a three-year, $400 million asset-based loan (ABL) facility that will replace the company's existing asset-backed securitization (ABS) facility. Commitments for the ABL facility comply with the agreements reached April 29, 2011, with key

Christopher C. Wren Named Senior Vice President and Treasurer of YRC Worldwide

YRC Worldwide Inc. today announced that Christopher C. Wren has been named senior vice president and treasurer for the corporation. Most recently, Wren served as president of the consulting firm Power I.T., LLC. Previously, he was vice president of corporate development for H&R Block; vice president of product development for Positive Networks, Inc.; and served in a variety of roles with

Freight firms in price hike

Two US freight firms have said they will increase prices over the next month and analysts expect others to follow. In two very similarly worded announcements, UPS Freight, the fourth largest less-than-truckload (LTL) carrier in the US, and ABF Freight announced they planned to hike rates by 6.9%. UPS said its rate adjustment for non-contractual shipments would take place on 1 August and would

HOFFA CONDEMNS MEXICAN TRUCK PILOT PROGRAM

Teamsters General President Vows To Fight Plan That Threatens Jobs, Highway Safety And Border SecurityTeamsters General President Jim Hoffa today castigated the U.S. Department of Transportation for agreeing to open the border to long-haul Mexican trucks. Opening the border endangers America’s highway safety, border security and warehouse and trucking jobs.Hoffa said the program is probably

ABF Wins Appeal Against Teamsters, YRC and TMI

Today, the United States Court of Appeals for the Eighth Circuit (St. Louis) reversed and remanded a lower court's previous dismissal of ABF's lawsuit against the International Brotherhood of Teamsters, YRC, Inc., Trucking Management, Inc. and other related entities. ABF is very pleased with this decision and looks forward to further proceedings on its lawsuit seeking to level the playing field

ABF wins appeal; case returns to federal court

The Eighth Circuit Court of Appeals ruled Wednesday (July 6) in favor of Arkansas Best Corp., which returns the company’s lawsuit against YRC and the Teamsters back to a federal district court in Little Rock.On Nov. 1, Arkansas Best Corp. — the parent company of ABF Freight System — filed a lawsuit seeking the $750 million in financial damages from alleged violations of a National Master Freight

Court overturns decision denying ABF’s challenge to YRC concessions

A federal appeals court has overturned a lower court’s ruling that ABF Freight System Inc. lacked the ability to challenge a series of wage and benefit concessions reached in 2009 and 2010 between YRC Worldwide Inc. and the International Brotherhood of Teamsters.The 8th U.S. Circuit Court of Appeals in St. Louis ruled on Wednesday that the case be returned to the Arkansas court for further