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.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts