JetPilot500
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UAL seeks to void contracts
UAL May Seek To Void Contracts
Tara Murphy, 03.13.03, 10:07 AM ET
NEW YORK - Making headlines this morning, UAL's United Airlines reportedly plans to void labor contracts on March 17, as its three main labor unions remain at odds over concessions.
Chief Financial Officer Frederic "Jake" Brace said UAL (nyse: UAL - news - people ) would ask bankruptcy court to let it out of existing labor contracts, which wouldn't officially become void until May. That would give its unions more time to agree on concession terms. United, which is looking to cut $2.5 billion in costs annually, says it needs new contracts by May 1 to fulfill its creditors' financial goals.
UAL May Seek To Void Contracts
Tara Murphy, 03.13.03, 10:07 AM ET
NEW YORK - Making headlines this morning, UAL's United Airlines reportedly plans to void labor contracts on March 17, as its three main labor unions remain at odds over concessions.
Chief Financial Officer Frederic "Jake" Brace said UAL (nyse: UAL - news - people ) would ask bankruptcy court to let it out of existing labor contracts, which wouldn't officially become void until May. That would give its unions more time to agree on concession terms. United, which is looking to cut $2.5 billion in costs annually, says it needs new contracts by May 1 to fulfill its creditors' financial goals.