Teamsters union members at YRC Worldwide Inc. will vote Jan. 25 and 26 on a revised contract extension proposal, which is on a fast track as the first $69 million of debt repayment looms in about three weeks.
Union local leaders endorsed the new extension late on Jan. 21, clearing the way for a vote at local union halls. Rank and file Teamsters will be voting as the first $69 million of YRC debt comes due in mid-February.
Another $327 million of debt is due this year, and YRC has been seeking union approval of the contract extension into 2019 in order to win lender approval for refinancing of the carrier’s obligation.
On Jan. 9, the union said an initial proposal was rejected.
“Our members made their voices heard about the company’s initial proposal, and we went back to the company and negotiated significant improvements,” said Tyson Johnson, director of the union’s freight division.