ACA Pilots Approve TA

[FLYfishin]

Press Release Source: Atlantic Coast Airlines


Atlantic Coast Airlines Pilots Approve Revised Contract
Monday November 10, 12:33 pm ET
Crew Members Embrace New Low-Fare Carrier With Overwhelming Support


DULLES, Va., Nov. 10 /PRNewswire-FirstCall/ -- Atlantic Coast Airlines, the Dulles, VA-based carrier (ACA) (Nasdaq: ACAI - News) announced it has been informed by the Air Line Pilots Association (ALPA) that ACA's pilots have overwhelmingly ratified a revised contract that includes market-based pay rates and work rule improvements designed to give the company a competitive advantage as it moves forward toward operating as an independent low-fare airline. The new agreement is conditional and goes into effect only as the company implements its low-fare airline plans, with the current ACA pilot agreement remaining in effect until then.
Atlantic Coast Airlines President Tom Moore said, "The overwhelming support of our pilots is another strong indication of continued progress with our plan to launch a new low-fare carrier to serve the Washington Dulles market. We remain confident that we are moving in the direction that will provide the best possible future for this company, its stockholders and employees."

Steve Hunt, Chairman of ACA's Master Executive Council which represents the company's 1,700 pilots said, "The pilot group is very excited about transforming ACA into an independent low-fare airline. 93% of our eligible crew members participated in the ratification process, and of those, 97% voted in favor of the agreement. This is a clear demonstration that we are absolutely unified in our commitment to working with all ACA employees to ensure the success of our new airline."

ACA currently operates as United Express and Delta Connection in the Eastern and Midwestern United States as well as Canada. On July 28, 2003, ACA announced plans to establish a new, independent low-fare airline to be based at Washington Dulles International Airport. The company has a fleet of 148 aircraft -- including a total of 120 regional jets -- and offers over 840 daily departures, serving 84 destinations. ACA employs approximately 4,600 aviation professionals.

The common stock of parent company Atlantic Coast Airlines Holdings, Inc. is traded on the Nasdaq National Market under the symbol ACAI. For more information about ACA, visit our website at www.atlanticcoast.com.

Statements in this press release and by company executives regarding its implementation of new business strategies and its relationship with United Airlines, Inc., regarding the unsolicited acquisition proposal by Mesa Air Group, Inc. and other matters, as well as regarding operations, earnings, revenues and costs, represent forward-looking information. A number of risks and uncertainties exist which could cause actual results to differ materially from these projected results. Such risks and uncertainties include, among others: the costs of reviewing and responding to the unsolicited proposal, and other impacts of the proposal on the company's operations; United's option under bankruptcy rules to assume or reject the existing United Express Agreement; the timing of any disengagement by the company as a United Express carrier under the United Express Agreement or pursuant to bankruptcy court proceedings and impact on the company's ability to operate an independent airline; the ability to effectively implement its low-fare business strategy utilizing regional jets; the ability to acquire and obtain financing for any additional aircraft intended to be operated; the availability of additional or alternative business opportunities for the company's operations; the effects of United's bankruptcy proceedings; the continued financial health of Delta Air Lines, Inc., and the ability and willingness of Delta to continue to deploy the company's aircraft and to utilize and pay for scheduled service at agreed upon rates; availability and cost of product support for the company's 328JET aircraft; unexpected costs arising from the insolvency of Fairchild Dornier; general economic and industry conditions; additional acts of war or terrorism; and risks and uncertainties arising from the events of September 11, any of which may impact the company, its aircraft manufacturers and its other suppliers in ways that the company is not currently able to predict. Certain of these and other risk factors are more fully disclosed under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's Annual Report on Form 10-K for the year ended December 31, 2002 and in its Quarterly Report on Form 10-Q for the six-month period ended June 30, 2003. These statements are made as of November 10, 2003 and ACA undertakes no obligation to update any such forward- looking information, including as a result of any new information, future events, changed expectations or otherwise.




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Source: Atlantic Coast Airlines

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[VADriver]

I'm confused. I thought Orenzo Frankenstien new what was best for ACA....

Pretty arrogant for the ACA pilots to think for themselves....

 

[snupilot]

Please, Please, Please... excuse me for being arrogant toward my own future. Sorry JO. Ha, Ha, Ha

SP

 

[House_X]

Press Release Source: Atlantic Coast Airlines
the continued financial health of Delta Air Lines, Inc., and the ability and willingness of Delta to continue to deploy the company's aircraft and to utilize and pay for scheduled service at agreed upon rates; availability and cost of product support for the company's 328JET aircraft; unexpected costs arising from the insolvency of Fairchild Dornier; .

Now if we can only solve THESE PROBLEMS!!!!

 

[GogglesPisano]

Some in Congress seek scrutiny of Mesa Air bid
Mon November 10, 2003 08:10 PM ET

By John Crawley
WASHINGTON, Nov 10 (Reuters) - A handful of U.S. House and Senate lawmakers have asked the Bush administration to closely examine Mesa Air's proposed hostile takeover of Atlantic Coast Airlines Holdings Inc. (ACAI.O: Quote, Profile, Research) , raising potential competition concerns.

Reps. Joe Wilson, a South Carolina Republican and assistant majority whip, and Sen. Gordon Smith, an Oregon Republican and Commerce Committee member, are among the lawmakers who have expressed concern recently in letters to senior officials about Mesa's plans.

"I respectfully request that you investigate Mesa Airlines' hostile takeover of Atlantic Coast Airlines," Wilson wrote to Transportation Secretary Norman Mineta.

Wilson said he was concerned Mesa Air Group Inc. (MESA.O: Quote, Profile, Research) will derail Atlantic Coast's plan to offer low-fare service from Washington D.C.'s Dulles airport in competition with United Airlines.

Lawmakers have also contacted Transportation Department Inspector General Kenneth Mead, an agency and industry watchdog who is conducting a separate review of competition on regional airline routes.

Atlantic Coast said in July it planned to end long-standing ties to UAL Corp.'s United Airlines (UALAQ.OB: Quote, Profile, Research) to start a low-fare carrier based at Dulles. Analysts have called the plan risky.

Mesa has launched a takeover bid, which would create the nation's largest regional airline. The carriers have sued each other over the takeover proposal.

A spokesman for Mineta said the agency was monitoring the situation and would not comment further. A spokesman for Mead said that he was also reviewing the correspondence and would not comment.

Justice Department antitrust enforcers and transportation regulators are expected to review any potential impact of any merger on domestic routes, ticket pricing and service to small communities.

But a source close to the matter said it was "a stretch" at this point to say that the Bush administration had any immediate concerns as some have claimed.

Atlantic Coast has said that Mesa's bid would prevent it from establishing an "economically viable" low-cost airline.

A representative from Mesa had no immediate comment.

Many members of Congress, especially those from rural areas, are sensitive to the impact that airline mergers have on service to their communities.

Fierce congressional lobbying, mainly over competition concerns in the eastern U.S., helped to derail United's plans to buy US Airways (UAIR.O: Quote, Profile, Research) in 2001.

© Reuters 2003. All Rights Reserved.





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I think JO got more than he bargained for.

 

[jayme]

How much longer until somebody picks apart the contract and concludes "ACA is leading the race to the bottom!"

God, I am so sick of hearing that phrase.

BTW, I have no idea what the terms of the contract were.

Congrats, guys, on putting that behind you. Good luck.