UPDATE 2-Troubled trucker YRC to seek $1 bln pension bailout (Forbes/Reuters)

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By Nick Carey

CHICAGO, May 15 (Reuters) - Struggling No. 1 U.S. trucking company YRC Worldwide Inc plans to seek $1 billion in bailout money from the Troubled Asset Relief Program to help it cover pension obligations, a move analysts say is unlikely to succeed as the company has no financial charter.

'YRC's chances (of a TARP bailout) are probably zero,' Joshua Rosner, managing director of independent research firm Graham, Fisher & Co. said on Friday 'Without a financial charter in their holding company it will be impossible for YRC to obtain TARP funds.'

The U.S. Treasury Department's $700 billion TARP has thus far been devoted mainly to capital investments in financial firms, support for housing rescue program, backing for Federal Reserve lending companies and aid for the auto industry.

The $35.6 billion allocated largely to prop up General Motors Corp and Chrysler LLC includes a $5 billion financing program for suppliers that is administered through the two automakers.
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more: http://www.forbes.com/feeds/afx/2009/05/15/afx6428914.html