spinup
Well-known member
- Joined
- Jan 14, 2002
- Posts
- 115
The Last paragraph says it all.
CHICAGO--(BUSINESS WIRE)--Sept. 25, 2002--This afternoon the United Airlines Union Coalition delivered a letter to United Airlines Chairman, President and Chief Executive Officer Glenn F. Tilton. The text of the letter follows:
Dear Mr. Tilton:
On behalf of the International Association of Machinists and Aerospace Workers; the Air Line Pilots Association, International; the Association of Flight Attendants; the Transport Workers Union and the Professional Airline Flight Control Association, we attach an alternative labor savings framework in support of the Company's pending application for a loan guarantee from the Air Transportation Stabilization Board or other new financing for the Company.
We stand ready to negotiate and implement a recovery program that will provide United with five billion dollars in labor cost savings over the next five years (approximately $1 billion each year measured against the Company base case). Together with other cost savings and broad strategic initiatives developed over the past few weeks, the coalition framework will enable the Company to improve its core annual profitability by $2 or $3 billion in the most challenging industry environment in history.
The coalition framework is without precedent for this or any other airline, and United has the most committed employees and strongest airline franchise in the world. We will not let it fail. We look forward to working with you to implement the coalition framework, to secure financing for the Company through the ATSB or third parties and to rebuild our airline.
CHICAGO--(BUSINESS WIRE)--Sept. 25, 2002--This afternoon the United Airlines Union Coalition delivered a letter to United Airlines Chairman, President and Chief Executive Officer Glenn F. Tilton. The text of the letter follows:
Dear Mr. Tilton:
On behalf of the International Association of Machinists and Aerospace Workers; the Air Line Pilots Association, International; the Association of Flight Attendants; the Transport Workers Union and the Professional Airline Flight Control Association, we attach an alternative labor savings framework in support of the Company's pending application for a loan guarantee from the Air Transportation Stabilization Board or other new financing for the Company.
We stand ready to negotiate and implement a recovery program that will provide United with five billion dollars in labor cost savings over the next five years (approximately $1 billion each year measured against the Company base case). Together with other cost savings and broad strategic initiatives developed over the past few weeks, the coalition framework will enable the Company to improve its core annual profitability by $2 or $3 billion in the most challenging industry environment in history.
The coalition framework is without precedent for this or any other airline, and United has the most committed employees and strongest airline franchise in the world. We will not let it fail. We look forward to working with you to implement the coalition framework, to secure financing for the Company through the ATSB or third parties and to rebuild our airline.
