US Airways, Pilots Agree on Cuts
US Airways (UAIRQ Quote) and its pilots union reached a tentative agreement on wage cuts, a critical step in the bankrupt carrier's restructuring plan.
With the possibility of court-ordered wage cuts just two weeks away, the Air Line Pilots Association, representing 3,200 US Airways pilots, and management reached a tentative agreement late Thursday night. Earlier this week, US Airways told a bankruptcy court that it could be forced to liquidate by mid-February if employees do not cut their pay by 23%.
"This is a major step forward for our company, its employees, customers and all other stakeholders," said Bruce Lakefield, US Airways president and CEO. "Ratification by ALPA's members is essential to our transformation and would demonstrate their continuing commitment to making our airline stronger and more competitive." ...
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