YRC likely to file bankruptcy Thursday, with slim hopes of surviving. YRC is the trucking company resulting from the merger of Yellow and Roadway.
One of the key barometers economists look at to see that a recovery is happening is how trucking and railroads are doing. Government control of all transportation is one of Engel’s fundamental principles of Communism, and that was before cars existed
this comes on the heels of Arrow Trucking going under…
YRC apparently scared people enough that the debt holders have agreed to a debt for equity swap (essentially giving the company to the banks) and avoiding an even messier bankruptcy.
I’ve worked for Roadway, believe me they were in trouble for years. Mismanagement, Unions. There was a guy at the Stroudsburg depot who’s Union job was Pushing a button and reading the paper for 18.00 an hour.
They don’t want the Company to go under because there would be more Union jobs lost.
YRC Government Trucking anyone?
Well, trucks burn that evil diesel fuel, and deliver all those goods people shouldn’t want – it’s just not fair we have better stuff than Zimbabwe.
I also wonder why we are doing stimulus projects to expand airports and build more roads and bridges. That seems to be the opposite goal of getting us away from using so many “fossil” fuels
Business Week is reporting that the last minute success was due to the Teamsters Union threatening Goldman Sachs and Deutsche Bank with a government crackdown on credit default swaps.