Officials of the International Brotherhood of Teamsters plan to review a contract proposal from YRC Worldwide Inc. at a Dec. 6 meeting, the company said Tuesday.
The session, described by the trucking company as a two-man committee meeting, will allow local labor leaders to weigh the offer and decide whether to submit it to a vote of the members.
YRC’s announcement did not describe any terms of the offer or indicate the location or arrangements for the meeting next week. A Teamsters spokesman declined to comment.
Company and union officials met earlier this month in a session in which YRC executives said an extension of the current contract would be necessary to refinance debts the trucking company can’t pay.
The existing contract includes significant pay and benefits concessions from the Teamsters that have kept YRC financially afloat.
YRC said lenders want certainty about the Overland Park company’s financial agreement with its 26,000 Teamsters employees beyond the current contract’s expiration in March 2015. It seeks a contract into 2019.
“This meeting and the subsequent vote, which we believe will be ratified, is another important and positive development in our long-planned refinancing process and the continued implementation of our turnaround plan,” YRC chief executive James Welch said in the announcement.
“We are grateful to our union and non-union employees, who have made significant sacrifices to keep our company moving forward, and our customers, who have shown solid support in this process.”
Last week, YRC mailed its Teamsters employees DVDs in which Welch or other company officials described the company as potentially failing if the refinancing wasn’t accomplished.