NEW YORK (TheStreet) -- YRC Worldwide (YRCW) fell 20.7% to $12.42 Friday after the International Brotherhood of Teamsters didn't approve a Memorandum of Understanding extension put forth by the trucking company.
YRC needs the contract extension to refinance more than $1 billion and ward off a default, according to Bloomberg. YRC Teamsters voted against the contract which maintains a 15% wage cut, delayed salary increases, and reduced vacation time. Of the 26,000 YRC union workers, 19,651 cast ballots in the contract voting, and 61% voted against the contract.
The trucking company is now in contact with the union leaders to see what options they may have.