Why YRC Worldwide (YRCW) Is Up Today

NEW YORK (TheStreet) -- YRC Worldwide (YRCW) gained 20.5% to $15.40 Thursday on news that it is in discussions with the International Brotherhood of Teamsters concerning a revised contract proposal.

Last week the Teamsters union rejected a Memorandum of Understanding extension that maintains wage cuts and delayed salary increases.

YRC has plans to revise the proposal so that will "work within the requirements of the capital markets to refinance the company," and protect its 32,000 employees.

In a press release, YRC CEO James Welch said, "It is clear the Teamsters understand the urgency of the current situation." The trucking company needs the contract extension to refinance more than $1 billion and ward off a default.

YRCW Chart YRCW data by YCharts

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