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TRUCKING INDUSTRY NEWS * USA - YRC Won't Seek TARP Funds
Overland Park,KAN,USA -Market Watch, by ALEX ROTH -13 June 2009: -- YRC Worldwide Inc. has decided against applying for federal bailout funds, a move the struggling trucking company was considering as a way to address pension problems... Although YRC, one of the largest truckers in the U.S., won't submit an application with the Treasury Department under the Troubled Asset Relief Program, it "remains focused on much-needed long-term pension reform," spokeswoman SuzanneDawson said Friday... In May, YRC's chief executive, William D. Zollars, said the Overland Park, Kan., company would apply for $1 billion in TARP funds, a move he described as a way to "get the conversation started" with federal officials about reducing the company's pension obligations... Mr. Zollars has frequently complained about YRC's financial obligations under several multiemployer union pension funds, saying that roughly half of the company's contributions pay for retirees who never worked for YRC but rather for other companies that have since gone out of business. Over the next four years, YRC is obligated to pay $2 billion into the fund, according to Mr. Zollars...* Bibby Transportation Finance Extends Nearly $500,000 to Trucking Companies
Nashville,TENN,USA -Market Watch -Jun 12, 2009: -- Bibby Financial Services said today that its Bibby Transportation Finance division has completed a series of financings to support small to medium-sized trucking companies using its Accounts Receivable funding program. These transactions include:-- $225,000 to a truckload carrier in Oxnard, CA
-- $120,000 to a trucking company in Tustin, CA
-- $25,000 to a trucking company in Dayton, TX
-- $50,000 to a start-up trucking company in Somerset, NJ
-- $30,000 to a trucking company in Miami, FL
Bibby Financial Services said these funds were used for working capital to cover expenses such as fuel, payroll, insurance, repairs and maintenance; for cash flow due to slow paying customers; and to grow their businesses by purchasing additional tractors and trailers...
* ATA says increased tolling on highways threatens recovery
Washington,DC,USA -Logistics Management, by John D. Schulz -12 June 2009: -- How would you like to enter a grocery store, pay for a bag of groceries, proceed to your vehicle and then, upon exiting the grocery parking lot, be charged again for that same bag of groceries?... That’s akin to the trucking industry’s argument against expanded use of highway tolls. Once exclusively reserved for building highways and bridges, tolls have been expanded recently to help cash-strapped states balance their budgets. With the 24.4-cent per-gallon fuel tax unchanged since 1993, and the costs of highway and bridge maintenance skyrocketing in recent years, increased tolling has become a popular method to raise millions of dollars by states reluctant to raise their own fuel taxes... With Congress scheduled to be in session less than 50 days before the scheduled expiration of the highway bill on Sept. 30, it’s entirely possible it may just vote for an extension of current spending levels for the next six months or a year. The last highway bill passed nearly two years after its original scheduled expiration. That could happen again this time... “We might be back early next year talking about fuel taxes again,” ATA’s Graves said. “Timing is everything.”... (Picture from cache.daylife: A german toll)
Labels: trucking industry news USA
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