Common Contracts
1 similar Agreement contracts
AGREEMENT FOR THE RESTRUCTURINGAgreement • September 29th, 2022
YRC Inc., USF Holland, Inc. and New Penn Motor Express, Inc. (each “the Employer”) and the Teamsters National Freight Industry Negotiating Committee (“TNFINC”) of the International Brotherhood of Teamsters (the “IBT”, the “Teamsters” or the “Union”) hereby establish this Agreement for the Restructuring of the YRC Worldwide, Inc. Operating Companies (hereinafter “the Restructuring Plan” or “the Plan”) for the benefit of all of their employees. This Restructuring Plan has been developed for the express purpose of providing job security for the Employer’s Teamster bargaining unit employees by creating the opportuni- ty to engage in a complete financial restructuring of the Employer by reducing both its level of debt and its labor cost; thereby attracting additional investors. Such restructuring will significantly improve the Employer’s ability to compete and provide job security for Teamsters. This Restructuring Plan is not, and is not intended to be, a plan that the Employee Retirement I
