Author Topic: YRC Worldwide to seek $1 billion in bailout funds  (Read 410 times)

Bindare_Dundat

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YRC Worldwide to seek $1 billion in bailout funds
« on: May 15, 2009, 07:10:46 AM »
 Needs bailout money to cover pension debt

* Has $2 bln in obligations over next four years

* Shares down 2 pct in pre-market trading

(Recasts with company confirmation)

CHICAGO (Reuters) - No. 1 U.S. trucking company YRC Worldwide Inc plans to seek $1 billion in federal bailout money to help it cover its pension obligations, a spokeswoman said Friday.

The company, which has been shedding jobs and closing facilities to cut costs in the face of a brutal U.S. recession faces an estimated $2 billion in pension obligations over the next four years, spokeswoman Suzanne Dawson confirmed