YRC CFO disputes near-bankruptcy buzz
KANSAS CITY — Beleaguered LTL heavyweight YRC isn’t any closer to bankruptcy despite a recent announcement that it experienced a "milestone failure" in new labor and cost restructuring efforts.
William Trubeck, YRC board member and interim chief financial officer, told Dow Jones News Service Monday that he’s optimistic the company will survive and downplayed a warning in YRC’s annual report that lenders could declare the company in default on loan covenants.
In the filing, YRC outlined several outcomes from Chapter 11, which could inevitably spell the end of the company:
"It looks to me like (lenders, the Teamsters, and others) are working toward the same goal, which is to pull this thing together, without pushing YRC into bankruptcy," he told Dow Joes.
"Nobody benefits or is anxious to see YRC go out of business."
Have your say
This is a moderated forum. Comments will no longer be published unless they are accompanied by a first and last name and a verifiable email address. (Today's Trucking will not publish or share the email address.) Profane language and content deemed to be libelous, racist, or threatening in nature will not be published under any circumstances.