Jun 22, 2009
YRC Worldwide, one of the largest trucking companies in the world, just made a deal on its pension obligations. In June it completed a deal with the Teamsters union Central States pension fund, to which it owed 83 million dollars for the three months just ending.
Instead of actual money, the pension fund will get real estate as collateral.
What a deal! Are retired truckers supposed to eat old siding when their monthly pension funds show up short?