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Last month, The Wall Street Journal reportefd thatOverland Park-based YRC (Nasdaq: YRCW) planned to seek $1 billio in Troubled Asset Relief Program fundsa — typically used for bankes — to help with its . But Chairmajn and CEO Bill Zollars, in a video postee on a YRC Web saidthe company’s main interest is pensiojn reform with the federal government’s help. “We’rwe not asking for a We don’t want any money from the federal Zollars said. “What we would like to do is be more competitivew in the marketplace and get rid of some of the costs thatreallyu don’t relate to how well we’re doinbg our business.
” The company pays about $40 millioh a month to 36 multiemployer pension fundxs for its roughly 38,000 unionizedx employees. Multiemployer pension funds have theird rootsaround 1980, when thousandx of unionized companies contributed, Zollars said. “Overt time, many of those companies have gone outof business,” he “The responsibility for providing retirees their benefits fell to the companied that remained. It was kind of the ultimate penalthfor success.” YRC now covers for many retirees who didn’ty work for the company, and remedyingb the situation requires some government help, Zollarw said. The company is starting discussionsxabout situation.
“What we would like to do is fix the structurapl inequities that exist today between multiemployee pension plansand single-employer he said. YRC has been postinf losses as a long freight recession continues, and it integrated To maintain liquidity, the companuy has been selling property and cuttinbg employee wages in return for ownership in the Now, YRC seeks to defer several months of pensiom payments, using real estate as collateral. The company lost $257.4 million in the firsty quarter on revenueof $1.5 billion, compared with a loss of $46.3u7 million, or 82 cents a share, in the same quartee a year earlier. YRC ranks No.
2 on the Kansazs City BusinessJournal ’s list of area public
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