by Calculated Risk on 5/14/2009 09:17:00 PM
Thursday, May 14, 2009
Trucking Company to Apply for Bailout
After the insurers comes ...
From the WSJ: YRC to Apply for Bailout Funds
YRC Worldwide Inc., one of the nation's largest trucking companies, will seek $1 billion in federal bailout money to help relieve pension obligations, the chief executive said Thursday.Is YRC a bank holding company?
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Chief Executive William Zollars said the company will seek the money to help cover the cost of its estimated $2 billion pension obligation over the next four years.
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By applying to the U.S. Treasury for money under the Troubled Asset Relief Program, Mr. Zollars said he hopes to "get the conversation started" with federal authorities about reducing the company's pension obligations. He said YRC will submit an application to the Treasury Department as early as Friday.