US Trucking Operators YRC And Arrow Struggle In Difficult Times
Kansas Outfit Hanging on as Arrow Tulsa Goes Down in Flames
US – Less Than Trailer Load (LTL) freight truck specialists YRC Worldwide, who were dropped from the Dow Jones Index earlier this month are still renegotiating their near $537 million debt for equity swap to ensure the groups continued survival. Last night the company was still claiming it was making progress with its lenders to ensure their continued support having moved the goalposts on its original proposal. The Kansas outfit originally stated that it would get 95% approval from bondholders but this fell short and the company are now apparently seeking only 80% support.
YRC have already postponed the deadline for acceptance of their terms on three occasions but the matter needs a rapid conclusion if the haulier is to avoid bankruptcy. The group needs to repay almost $20 million in interest on their loans and it seems New Years Eve is the likely deadline. YRC have received substantial credit assistance leading to other US trucking companies calling foul, and been supported throughout their problems this year by staff in the main represented by the Teamsters .Yesterday however International Brotherhood of Teamsters President James Hoffa asked U.S. Securities and Exchange Commission and New York State Attorney General Andrew Cuomo to review “questionable promotion” of credit- default swaps by YRC.
Meanwhile Arrow Trucking of Tulsa have reportedly gone into bankruptcy leaving over two hundred office staff and fourteen hundred truck drivers with no jobs and many with no rigs as the company collapsed. Truckers have been left with unpaid wages and gas bills and very little information as the company website vanished and telephones remain unanswered. The sudden demise is likely to leave the company open to prosecution under the Federal WARN act which requires them to give staff two months notice....
More articles and videos:
Arrow Trucking Strands Drivers During Layoff
They will get a bailout...trust me
Yellow is 1/4 of the LTL supply chain capacity. I don't know if most of you know this but if Yellow folds, the trucking industry will grind to a halt.
For Freedom!
STUGOTS! To the high and felutent establishment!
Paultian Powerhouse!
You are right
The big ones always do,Except Consolidated Freightways they shut down and ran like hell,I remember that because they owed me for repairs about 10 grand when they shut down ! I took them to court and got a judgement for 10 cents on the dollar and have yet to collect on any of it !
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Didn't Conway chew them up?
Seems to me Conway has been holdin all the cards lately.
For Freedom!
STUGOTS! To the high and felutent establishment!
Paultian Powerhouse!
During a meeting with our congressman
One of our precinct committeemen, who has owned an independent trucking company since 1976, said he has never seen trucking orders this slow.
Freedom is not: doing everything you want to.
Freedom is: not having to do what you don't want to do.
~ Joyce Meyer
I will agree
This has been the slowest year I have seen since the year before last when it froze in Ca.Az.and NM.He is a freaking crybaby trying to get some dollars out of the Gov.
Are you sure he is not a Dem? With respect !
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I'm speaking from South Carolina
No, he's not a Democrat.
Freedom is not: doing everything you want to.
Freedom is: not having to do what you don't want to do.
~ Joyce Meyer
Very grim news.
This is but a foretaste of more of the same come 2010, which is next week? The mirrors are shattering. How much more can this lifeless economy take? This is a terrible situation for these truckers. Why are they still advertising for trucking jobs?
Any word about the Christmas buying receipts? I know that the snow storm dampened the buying enthusiasm, buy i never heard the final numbers.
turnover
"Why are they still advertising for trucking jobs?"
Driver turnover is well over 100% each year. Those are tough jobs and tough working conditions.
http://FlipFlopRomney.blogspot.com
You are ?
A dispatcher or a driver manager Right ?
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This happens every winter !
It just doesn't make the MSM like Arrow did.They still advertise for drivers because it is very hard to find a DOT legal and clean-(Drugs) driver it has been this way since they went to the fed CDL.the drivers DAC report from the previous employer screws them out of a chance at the job.
The problem is,the previous employer was full of crap about the reason why the driver quit them,I have seen this happen many times.
Driver managers get very vindictive when a driver quits for a good reason and will then mess up his DAC report.
The driver then has to hire an attorney and take them to court to fix his DAC report,Out of work no attorney!
They burn them up and spit them out!Pure fing Greed,High cash flow low profit margin !
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Arkansas Best Freight
is making it fine. ABF seem to be doing well.
TheKingIsComing
Trucking !
AAAAWWWWWWWW,It is good to be back !!!!!!
This is the business I'm in and this has happened many times in the past,and the world did not come to an end.
Trucking is a high cash flow small profit margin business.
They come and go every day,Most times it is because they had an accident that is going to cost them millions in liability.they then just declare bankruptcy and change the name of the company,happens all the time.
But there are a few that don't try to "Nickle and Dime"the company to death,Meaning they actually believe in preventive maintenance with less costs in the long run.
also they pay their employees what they are worth so they do a stand up job when it is needed to keep the company
"Above Board",(You get what you pay for).
ABF is one of these companies,I once worked for another that thought the same way CTI out of Ind.
Proper Preventive Maintenance WILL make or break a company !
By the way, Arrow has been in and out of business a couple of times over the last 30 years.
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You said it!
I see the results every day of a company that prefers to manage crisis to crisis. It is so not-smart, it's just pathetic.
If only they invested in preventative maintenance and very good wages, they'd have consistently reliable equipment and people...then they'd lose less on accidents and gain more in new contracts.
10-4
10-4 Good Buddy !Been in this game for a long time now !
It is better to have a crisis twice a year rather than twice a day!Been there done that!
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Really need a delete button ?
Really need a delete button ?
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double click sorry
double click sorry
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A very sad state of affairs.
A very sad state of affairs. Hope it's not a preview of more to come.
Shutting down trucking could bring the US to its knees.
This could also bring in a reason to declare marshal law.