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NEW YORK (TheStreet) -- YRC Worldwide (YRCW) - Get YRC Worldwide Inc. Report gained 4.4% to $19.62 Monday after the International Brotherhood of Teamsters union approved a five-year extension of the trucking company's collective bargaining agreement.

The union approved the contract, extending the collective bargaining agreement until March 2019. YRC said the contract will help provide job security for its workers. The agreement  also will help YRC reduce its debt and refinance more than $1 billion. 

The proposal received 66% of the vote from Teamsters union employees. The union rejected a different proposal earlier this month.

YRC CEO John Welch said that with the extension the trucking company "took another significant step toward providing our employees the job security they deserve while providing our prospective lenders and equity investors the path they need for the company to achieve a complete recapitalization and achieve a healthy capital structure."

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YRCW data by YCharts

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