The Teamsters union confirmed Wednesday it will review a “forthcoming” contract proposal from YRC Worldwide Inc. with officials from union locals early next month.
At a meeting Dec. 6, the Teamsters National Freight Industry Negotiating Committee will review the proposal with representatives from union locals, a statement on the union’s website said.
The forthcoming proposal modifies the existing contract with YRC that is set to expire at the end of March 2015, it said.
The statement does not indicate the kinds of changes the company seeks. But it said details would be released after the Dec. 6 meeting.
Local union leaders, “after reviewing the details of the proposal, will then decide whether to submit the proposal to its membership to vote in a mail ballot referendum,” the statement said.
YRC, an Overland Park-based trucking company, had said Tuesday that the union had called a Dec. 6 meeting to consider its contract proposal.
The company is struggling financially despite significant wage and benefit concessions from its 26,000 Teamsters employees under the current agreement.
YRC has said its lenders want an extension of the agreement before they will refinance $1.4 billion in debts the company can’t pay. Executives also have said they want a contract that gives them more flexibility in operating the company more competitively in a largely non-union industry.
Without the refinancing, executives also have said, the company faces possible bankruptcy.