Trucker YRC Pledges Real Estate To Pension Fund
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NEW YORK (AP) Trucking company YRC Worldwide Inc. on Thursday said it will pledge as collateral some real estate to a multi-employer pension plan in lieu of a planned $83 million second-quarter payment, as part of an ongoing effort to preserve cash.
The Overland Park, Kan.-based company finalized the deal with Central States, Southeast and Southwest Areas Pension Fund amid growing chatter on Wall Street that the company might file for bankruptcy.
YRC has laid off thousands of workers, asked existing workers to take pay cuts and made deals with creditors to stave off debt payments it couldn't make. YRC has struggled to remain competitive as the trucking industry suffers from the worst demand in decades. ...
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