YRCW Completes Bond Refinancing

News provided by

International Brotherhood of Teamsters

Feb 11, 2010, 09:54 ET

Teamsters Union is Encouraged by the Additional Investment

WASHINGTON, Feb. 11 /PRNewswire-USNewswire/ -- The Teamsters Union is extremely supportive of the financing YRCW [Nasdaq: YRCW] announced today to refinance the remaining bonds that did not exchange in last month's exchange offer.

(Logo: http://www.newscom.com/cgi-bin/prnh/20100127/IBTLOGO)

"We worked very hard to make sure that Wall Street greed and unregulated financial instruments like credit default swaps did not take away the 30,000 jobs of hard working Teamsters at YRCW," said Teamsters General President Jim Hoffa. "Our members made tremendous sacrifices in form of wage reductions and forgone pension contributions to help the company through the recession. We are encouraged that new investors are stepping up to complete YRCW's restructuring. This financing will help YRCW continue on its path to recovery so that we can protect and grow jobs."

The announced financing removes YRCW's final $70 million of bond obligations of the $550 million under its old notes. The vast majority of those obligations were exchanged for equity in the debt for equity exchange that concluded on Dec. 31, 2009.

"Our members have shown their commitment to this company time and time again," said Tyson Johnson, Teamsters National Freight Director. "Nobody has more skin in the game than these Teamsters at YRCW. Our members' sacrifices – more than $2 billion worth – led the way for the financial restructuring and are the main reason the company is still in business today. Our members' commitment to their customers and providing the best service in the industry will be the reason YRCW stays in business.

"Now that all the major components of the financial restructuring are completed YRCW can focus on its operations. We can focus on getting more freight in the system and providing the best service to our customers. The union is committed to working with the company on further operational improvements, which will ultimately lead to a stronger company, growth and additional jobs. I ask that all YRCW Teamsters at the local and national level support these efforts," Johnson said.

Founded in 1903, the International Brotherhood of Teamsters represents 1.4 million hardworking men and women in the United States, Canada and Puerto Rico.

SOURCE International Brotherhood of Teamsters