Updated: 11:55 AM EST
World Air Pilots Reject Labor Contract
PEACHTREE CITY, Ga. (AP) - World Air Holdings Inc., parent of World Airways, on Monday said its unionized pilots rejected a three-year contract proposal, the second rejection in as many years.
World Air said the proposed deal included a one-time signing bonus, annual pay increases over three years and profit sharing. Chief Operating Officer Charlie McDonald called the contract "a fair and equitable offer to bring a long negotiation process to conclusion."
A spokesman for the International Brotherhood of Teamsters representing the pilots was unavailable for immediate comment. World Airways said it has asked the National Mediation Board to release it from mediation.
The two sides have been in talks for more than two years, since the contract came up for negotiation in June 2003. The pilots rejected the company's first offer in March 2004.
Shares of World Air Holdings dropped 67 cents, or 5.8 percent, to $10.90 in midday trading on the Nasdaq. Over the past year, the stock has traded between a low of $5.37 and a 52-week high of $13.89.
11/14/05 11:53 EST
Copyright 2005 The Associated Press. The information contained in
World Air Pilots Reject Labor Contract
PEACHTREE CITY, Ga. (AP) - World Air Holdings Inc., parent of World Airways, on Monday said its unionized pilots rejected a three-year contract proposal, the second rejection in as many years.
World Air said the proposed deal included a one-time signing bonus, annual pay increases over three years and profit sharing. Chief Operating Officer Charlie McDonald called the contract "a fair and equitable offer to bring a long negotiation process to conclusion."
A spokesman for the International Brotherhood of Teamsters representing the pilots was unavailable for immediate comment. World Airways said it has asked the National Mediation Board to release it from mediation.
The two sides have been in talks for more than two years, since the contract came up for negotiation in June 2003. The pilots rejected the company's first offer in March 2004.
Shares of World Air Holdings dropped 67 cents, or 5.8 percent, to $10.90 in midday trading on the Nasdaq. Over the past year, the stock has traded between a low of $5.37 and a 52-week high of $13.89.
11/14/05 11:53 EST
Copyright 2005 The Associated Press. The information contained in