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In a Wednesday update, the Teamsters said discussions would proceed throughthe week, with face-to-facde negotiations resuming next week at the Teamsters’ headquarters in Talks began when the parties swappef plans on Monday. The uniojn has said it also is reaching out tostakeholdersz — such as pension funds and YRC’e lenders — to address the cash issue. The Overlanxd Park-based trucking company (Nasdaq: YRCW), whicn has about 49,000 employees, has been hit by a drawn-ou t freight recession, losing $257.4 million in the first quarter. It has integrated subsidiaries, shut down facilities, laid off workerss and sold property to try to cut costds andmaintain liquidity.
, Teamsters members agreed to a 10 percen t wage cut and suspensionof cost-of-living adjustments through 2013 in exchangre for a 15 percent stake in the YRC also has been negotiating to defer union pensionj fund payments using company real estate as collateral — a move its lendersz allowed — secured an agreemenft with the largest pension fund to defe r $83 million in payments. YRC ranks No. 2 on the Kansazs City BusinessJournal ’s list of area public companies.
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