Wall RSS FeedTeamsters Set Record Straight About PTS Shutdown
Lenders Pull Plug on Company
June 10, 2008
PTS announced today that it was shutting down, effective today, and Teamster carhaul negotiators are setting the record straight about the company’s demise.
“In its announcement, PTS suggested that our failure to accept its most recent proposal led to the closure, but nothing could be further from the truth,” said Fred Zuckerman, Teamsters Carhaul Director. “We learned this afternoon that PTS permanently closed its doors after its primary lenders, Black Diamond Capital Management, cut off access to its credit facility earlier this week.
June 14th, 2008 at 3:55 pm
THE STRIKE WAS THE RIGHT THING
QUOTE
Indeed, as the union discovered in Bankruptcy Court last week, even with additional loans from its primary lenders and significant wage concessions from the union, the company had a very slim chance of surviving even to the end of the month based on their own projections.
June 15th, 2008 at 1:52 am
Good site I \”Stumbledupon\” it today and gave it a stumble for you.. looking forward to seeing what else you have..later
June 15th, 2008 at 8:02 pm
I only know one person that knows what he is doing in Allied. That a guy is called toni muni. Hope he will get into all this mess and help fix things for us (ex) PTS men.
June 16th, 2008 at 9:13 pm
sad day for carhaulers hope they will be hired by allied or another union carrier good luck