generaltso
Marcy Projects
- Joined
- Jan 12, 2002
- Posts
- 653
It seems to me like USAir is on its way out of Chapter 11. It seems the people there want to try to save the company... unlike UAL.
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US Airways reaches pension plan deal with pilots
Saturday March 22, 2:33 AM EST
ARLINGTON, Va., March 22 (Reuters) - US Airways Group Inc. (UAWGQ), said on Saturday it had reached an agreement on a new pension plan for its pilots, clearing the way for the company to emerge from bankruptcy at the end of this month.
The airline, the No. 7 domestic carrier, said in a statement the deal was ratified by the Air Line Pilots Association's Master Executive Council, but still needed to be approved by the Pension Benefit Guarantee Corp.
Terms of the agreement were not disclosed.
US Airways' pilot pension plan has an underfunded liability of $1.6 billion. A bankruptcy judge on March 1 ruled that the company's finances were so bad it could terminate the plan.
Earlier this week, a federal judge approved US Airways' bankruptcy reorganization plan. The company has said it will take actions to mitigate expected losses from the war in Iraq, including a possible reduction in the size of its fleet.
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US Airways reaches pension plan deal with pilots
Saturday March 22, 2:33 AM EST
ARLINGTON, Va., March 22 (Reuters) - US Airways Group Inc. (UAWGQ), said on Saturday it had reached an agreement on a new pension plan for its pilots, clearing the way for the company to emerge from bankruptcy at the end of this month.
The airline, the No. 7 domestic carrier, said in a statement the deal was ratified by the Air Line Pilots Association's Master Executive Council, but still needed to be approved by the Pension Benefit Guarantee Corp.
Terms of the agreement were not disclosed.
US Airways' pilot pension plan has an underfunded liability of $1.6 billion. A bankruptcy judge on March 1 ruled that the company's finances were so bad it could terminate the plan.
Earlier this week, a federal judge approved US Airways' bankruptcy reorganization plan. The company has said it will take actions to mitigate expected losses from the war in Iraq, including a possible reduction in the size of its fleet.
