avek00
Mar 1, 03, 7:47 pm
US Airways Clears a Hurdle in Bid to End Pension Plan
By Jeff St.Onge
Alexandria, Virginia, March 1 (Bloomberg) -- US Airways Group Inc. cleared a hurdle in a bid to cancel a pension plan for more than 7,000 pilots, a cost-cutting move designed to help it emerge from bankruptcy.
U.S. Bankruptcy Judge Stephen Mitchell approved a request from the seventh-largest U.S. carrier to terminate the plan. He said the carrier still must prove that it has complied with its labor contract with the pilots and hasn't abandoned its obligations.
"I will approve the termination," Mitchell said. "But that is subject to a finding under the mechanisms set forth in the collective bargaining agreement."
http://quote.bloomberg.com/fgcgi.cgi?T=marketsquote99_relnews.ht&s=APmFfDxUzVVMgQWly
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I agree with the Company's view that a negotiated settlement with ALPA will be reached, fully removing the last obstacle to US' emergence from bankruptcy at the end of the month.
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US Airways - 30 days from a new beginning...
By Jeff St.Onge
Alexandria, Virginia, March 1 (Bloomberg) -- US Airways Group Inc. cleared a hurdle in a bid to cancel a pension plan for more than 7,000 pilots, a cost-cutting move designed to help it emerge from bankruptcy.
U.S. Bankruptcy Judge Stephen Mitchell approved a request from the seventh-largest U.S. carrier to terminate the plan. He said the carrier still must prove that it has complied with its labor contract with the pilots and hasn't abandoned its obligations.
"I will approve the termination," Mitchell said. "But that is subject to a finding under the mechanisms set forth in the collective bargaining agreement."
http://quote.bloomberg.com/fgcgi.cgi?T=marketsquote99_relnews.ht&s=APmFfDxUzVVMgQWly
---
I agree with the Company's view that a negotiated settlement with ALPA will be reached, fully removing the last obstacle to US' emergence from bankruptcy at the end of the month.
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US Airways - 30 days from a new beginning...