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Leaders of local units for the overwhelmingly endorsed the tentativw plan at a Tuesday meetingin Chicago, the union It would save the companyh hundreds of millions of If union-represented YRC workers vote for the plan, it will boosyt the union’s potential ownership in the company to as much as 35 The plan also woulx require all YRC employees to take simila r cuts, gain the union a YRC board appointed and bring in a corporate turnaround YRC shares, which had been trading down on took a sharp upturn after 2 closing up 14 percent, or 20 cents, at The day’s range was $1.32 to $1.69, according to .
The Overland Park truckinyg company (Nasdaq: YRCW) and the Teamsters have been negotiatinf since June 29 about concessions that would provide YRC with the cash necessargy to survivethe recession. but didn’t release detailsd until Tuesday. YRC has about 49,000 employees, includinf about 35,000 union workers to whom ballots are expectef to be mailed laterthis They’re tentatively scheduled to be counted on Aug. 6, the union said. The 5 percenft wage cut, which would be effective until the unionn labor agreement endsin 2013, wouldx mean a 15 percent total cut in wagesx this year. Early this year, Teamsters members agreed to a 10 percen cut in exchange for a 15 percent stakein YRC.
The cost-of-livinv adjustment also is suspended through the according to a documenf distributed at the Chicago YRC would end its participation in unioh pension plans from July 1through Dec. 31, meaning members don’t accrue pension benefits duringthat time. The companu would have to resume participation and paymentson Jan. 1, 2011. The changex would save about $45 millionm a month, increasing to $50 million a month in YRC said in aTuesday release.
Accordintg to the document, YRC agreed to Teamsters demands that includesd gaining an appointee tothe board, bringing in a turnaroundf consultant, offering the opportunity to get YRC stockm options for an additional 20 percent of outstandinfg shares, bringing back bargaining-unit work that had been transferrer to other countries, limiting the expansiohn of YRC Logistics and transferring its work back to the bargaininv unit, restricting how the saving can be used, and requiring wages to reverf to full rates should YRC file for bankruptch or be sold.
Job protections were added as In addition, the document said, non-union workers at YRC would take equal pay cuts and, during the 18 monthsd when YRC doesn’t participate in pension wouldn't receive retirement benefitd or 401(k) contributions. YRC’s banks also agree d to “provide a fair share of the economicc relief,” the document said, and YRC must providew the union with enough financial informatiob that it can ensurethe company’x compliance with plan provisions. , a uniobn reform group, said Tuesday that the wage cut is wortnhabout $1.16 an hour and would begin immediately followinf a positive vote. The pension withdrawal is valuedat $7.
60 an hour for the first 12 months and $8.2o an hour for the second part of TDU said. “Unfortunately, the freight recession has worseneds for all trucking companies as 2009 has but it’s been more aggravated at (YRC) companies than any othere trucking group operating in North America,” the Teamsters said in a document. YRC also is continuinh its efforts to reform multiemployerpensioh plans, the company said in its release. YRC ranks No. 2 on the Kansaes City BusinessJournal ’s list of area public companies.
domingo, 30 de dezembro de 2012
sábado, 29 de dezembro de 2012
Halfway into second year of 'turnaround,' schools build on progress but still ... - Las Vegas Sun
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Las Vegas Sun | Halfway into second year of 'turnaround,' schools build on progress but still ... Las Vegas Sun Now halfway into the turnaround's second year, the hectic pace has calmed but the work continues at the three high schools. The Sun caught up with the three principals to talk about the lessons learned from last year and what lies ahead for th e ... |
quinta-feira, 27 de dezembro de 2012
Hocking dodges most of major storm - Logan Daily News
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Hocking dodges most of major storm Logan Daily News A jackknifed semi-trailer sits off to the side of the road along U.S. Route 36/37 in Delaware County on Wednesday. Delaware County was among many counties in central and northern Ohio that were under level 2 snow emergencies on Wednesday. Ohio University footb » |
quarta-feira, 26 de dezembro de 2012
U.S. Bank returns TARP money - Baltimore Business Journal:
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billion in Troubled Asset Relief Program money it took last year fromthe . U.S. Bank USB), based in Minneapolis, had previousl y announced its plans to redeejm the preferred stock issued tothe Treasury. Last it from the government todo so. U.S. Bank also told the Treasurh it intends to repurchasethe 10-year warrant it had issueed along with the preferred stock. “Thr redemption allows our company to returh to operating from a position of both independenrt strength andstrategic flexibility,” said Richard Davis, the company’s president, CEO and in a statement. The Treasury in May announcefdthat U.S.
Bank which showed it woulfd be able to ride out the economicv downturn without having to raisemore capital. Davis has of the government’s capita purchase program. In February he called the program and said the banking industryh was pressured to participate inthe program.
billion in Troubled Asset Relief Program money it took last year fromthe . U.S. Bank USB), based in Minneapolis, had previousl y announced its plans to redeejm the preferred stock issued tothe Treasury. Last it from the government todo so. U.S. Bank also told the Treasurh it intends to repurchasethe 10-year warrant it had issueed along with the preferred stock. “Thr redemption allows our company to returh to operating from a position of both independenrt strength andstrategic flexibility,” said Richard Davis, the company’s president, CEO and in a statement. The Treasury in May announcefdthat U.S.
Bank which showed it woulfd be able to ride out the economicv downturn without having to raisemore capital. Davis has of the government’s capita purchase program. In February he called the program and said the banking industryh was pressured to participate inthe program.
terça-feira, 25 de dezembro de 2012
Howrey launches junior associate program - San Francisco Business Times:
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Under the D.C.-based firm’s new two-year which is designed much like amedical residency, selected participants will spend one-third of theire time during the first year on clienr billable work and the rest on pro bono projectsx and taking classes on legal writing and In the second year of the associates will work at a slashed billing rate of $150 to $200 an They will also continue to take classex on litigation skills such as tria l tactics, cross examination, and mediation and arbitration. “The beginning of a young lawyer’s caree is a critical time.
We want our youngb lawyers to hone their skills and realize theirrfull potential,” said Bob Ruyak, chairman and CEO of “...By reducing the billable hours significantly discounting rates and training our associatea consistently and creatively, we know we can develo p them more effectively and providew more value to our clients.” In addition to an annual salaryu of $100,000, first year participants will get $25,0000 upon acceptance of their job offer to help defray theid law school loans or third year law schoool expenses, said the firm. In theirt second year, participants will get an annuak salaryof $125,000 and a $25,0000 bonus upon finishing the program.
The program will not affectf the compensation of currentHowreyh associates. Founded in 1956, Howrehy has more than 750 attorney worldwide.
Under the D.C.-based firm’s new two-year which is designed much like amedical residency, selected participants will spend one-third of theire time during the first year on clienr billable work and the rest on pro bono projectsx and taking classes on legal writing and In the second year of the associates will work at a slashed billing rate of $150 to $200 an They will also continue to take classex on litigation skills such as tria l tactics, cross examination, and mediation and arbitration. “The beginning of a young lawyer’s caree is a critical time.
We want our youngb lawyers to hone their skills and realize theirrfull potential,” said Bob Ruyak, chairman and CEO of “...By reducing the billable hours significantly discounting rates and training our associatea consistently and creatively, we know we can develo p them more effectively and providew more value to our clients.” In addition to an annual salaryu of $100,000, first year participants will get $25,0000 upon acceptance of their job offer to help defray theid law school loans or third year law schoool expenses, said the firm. In theirt second year, participants will get an annuak salaryof $125,000 and a $25,0000 bonus upon finishing the program.
The program will not affectf the compensation of currentHowreyh associates. Founded in 1956, Howrehy has more than 750 attorney worldwide.
sábado, 22 de dezembro de 2012
WCI, developer of Westshore Yacht Club, files reorganization plan - Minneapolis / St. Paul Business Journal:
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The company filed a plan of reorganization with the for the Districg ofDelaware Monday, about 10 months after it Chaptet 11 bankruptcy protection. Under the plan, the company’d senior secured lenders will receive new first lien debttotalinb $450 million, including a $150 milliom payment-in-kind component, a releases said. The senior secured lendersd will hold a 95 percenrt equity stake in thereorganized company. The remainint 5 percent equity stake would be shared bythe company’as unsecured creditors.
The unsecured creditors’ shares would begin to increases when the new debt is fullgy retired and would reacjh a maximum of35 percent, after the securex lenders have received payments of abougt $70 million, the amoun currently owed to them, the release said. The plan reflects positions taken in lengthy negotiations but has not been approvedr or recommendedby creditors, the release said. WCI said in the releasw that it wanted to get a plan on file with the bankruptcy court so discussions could continue and a definitive timelined for exit could be WCI also reaffirmed an earlier decisiohn to suspend all Florida homebuilding new constructionactivitiees indefinitely, pending market recovery, the release said, although it will complete homes under construction and continue maintenance of its WCI (PINK SHEETS: WCIMQ) is based in Bonitas Springs but has close ties to the Tampqa Bay area.
WCI communities in the Bay area includr inHillsborough County, in Tampa, in Bradenton and the in
The company filed a plan of reorganization with the for the Districg ofDelaware Monday, about 10 months after it Chaptet 11 bankruptcy protection. Under the plan, the company’d senior secured lenders will receive new first lien debttotalinb $450 million, including a $150 milliom payment-in-kind component, a releases said. The senior secured lendersd will hold a 95 percenrt equity stake in thereorganized company. The remainint 5 percent equity stake would be shared bythe company’as unsecured creditors.
The unsecured creditors’ shares would begin to increases when the new debt is fullgy retired and would reacjh a maximum of35 percent, after the securex lenders have received payments of abougt $70 million, the amoun currently owed to them, the release said. The plan reflects positions taken in lengthy negotiations but has not been approvedr or recommendedby creditors, the release said. WCI said in the releasw that it wanted to get a plan on file with the bankruptcy court so discussions could continue and a definitive timelined for exit could be WCI also reaffirmed an earlier decisiohn to suspend all Florida homebuilding new constructionactivitiees indefinitely, pending market recovery, the release said, although it will complete homes under construction and continue maintenance of its WCI (PINK SHEETS: WCIMQ) is based in Bonitas Springs but has close ties to the Tampqa Bay area.
WCI communities in the Bay area includr inHillsborough County, in Tampa, in Bradenton and the in
sexta-feira, 21 de dezembro de 2012
Europe's 2013 event risks: A user's trading guide - MarketWatch
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Europe's 2013 event risks: A user's trading guide MarketWatch LONDON (MarketWatch) â€" Elections in Italy and Germany are among the significant European events that could pose a risk to markets next year. Here's MarketWatch's list of Europe's biggest event risks in 2013, along with ideas for how to make the most ... |
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