Delta sellsout and takes 290 million cut

[9rj9]

from real money article....

Citing sources familiar with the situation, The Wall Street Journal reported Saturday that the pilots had agreed to $280 million to $290 million in an annual concessions, including a 14% pay cut and possible wage increases linked to future financial performance.

Much remains to be done before the agreement is a done deal. The Master Executive Council of Delta's ALPA chapter must decide whether to put it before union members for a vote. Then it must be ratified and receive bankruptcy court approval.

"We are going to respect the MEC review process,'' said Edward H. Bastian, Delta's CFO, in a news release. "We have worked hard together as a team to forge an agreement that is good for Delta and all of its constituents,'' he added. Battered by high fuel bills and intense competition, Delta filed for bankruptcy protection last September. The airline had asked the pilots for $305 million in annual concessions to be achieved through an 18% pay cut and reduced benefits. The pilots have noted they already made significant sacrifices, agreeing in late 2004 to a 32.5% pay reduction, worth about $1 billion a year.

 

[Deacon]

so the company wanted $305 mil. and 18% pay/benefits cut

the pilots WANTED $125 and 0% cut............

The company gets $280 and 14% and some PROMISES......hmmmmm

I know how I would vote..good luck guys

 

[Einstein]

Is this like the promise to not file B.K. if you gave them 1 billion? Stop pissing in the wind and shut this turd down. Vote NO.

 

[Lollie]

Has the radification by the union members happened all ready?
If so, yes, I think it's a very sad ending, and I suspect many pilots will chose to leave Delta very soon-major turnover. Perhaps that will sink the co. anyway.

 

[Flopgut]

Did the pilots get a bond deal? Like the UAL deal?

 

[banger]

I would not judge the Delta pilots until the TA is reviewed. Sure the news may report that management got $290mil or whatever. Until you know the actual details you really don't really know the truth. The $290mil might have come from credit given for the pension going away or PBS or someother credit just allowing the company to save face. I will keep the faith with the Delta pilots until I know the details.

 

[retired guy]

A show stopper is gonna be who gets to fly the 90 seat RJ`s. These boys are not giving up any more seats to Comair and ASA. I flew there for 30 years, my son has been there 9 years. The pilots that are there now are not the same type guys that I knew. They are pissed to the extreme. Don`t count on an automatic passage of a crappy TA. As Banger said, don`t judge them quite yet.....

 

[atlcrashpad]

They could be pissed to the extreme and unemployed. Life deals crap sandwiches sometimes and you either eat them or walk away hungry.

 

[Erlanger]

I suspect many pilots will chose to leave Delta very soon-major turnover.

I'm curious as to what would be the pilots' better alternative. Do you really think they can find a better job somewhere else? Do you think anyone wants to go interview and start at the bottom again? What kind of money will they make elsewhere? How long will it take them to make the same amount of money, they're making now, even with the pay cuts? Will it really be that much better anywhere else? Do you think they want to sell the house and uproot the wife and kids? Do you think a pilot who has put in 10, 20 or more years at Delta should just throw it all away? You know, it's not all doom and gloom forever. Things will get better but what is the alternative I would like to know other then to stay? I'm on the pilots side; I'm a pilot too but they're boxed in a corner here.

 

[Broke in CVG]

Bunga, Bunga or Death by Bunga, Bunga!