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Mar 15, 2011

TRUCKING INDUSTRY * USA - Pension Plans Could Push YRC Into Bankruptcy

Troubled carrier negotiating with funds to avoid default on credit agreement

Overland Park,KS,USA -The Journal of Commerce Online, by William B. Cassidy -Mar 15, 2011: -- Teamster multi-employer pension plans are seeking a higher interest rate on deferred pension obligations owed by YRC Worldwide, throwing up a potential stumbling block for the troubled trucking giant as it struggles to reorganize... The action by the pension funds constitutes a "milestone failure" under YRC Worldwide's credit agreement, and was reported as such in the 10-K annual report YRC filed Tuesday with the U.S. Securities and Exchange Commission... The conflict with its pension plans could lead YRC's creditors to declare the company in default, which would likely drive the carrier into bankruptcy protection... However, YRC's banking group hasn't indicated they will declare default, and the group's agent has recommended against it "at this time," the company said...

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