CEO sketches grim situation for American Airlines DALLAS (AP) =97 Amid turbulence in the airline industry, employees of the=20 world's largest carrier are getting a firsthand account of economic woes=20 from their chief executive, who says he needs their help to stay=20 financially viable. American Airlines Inc. chief executive Don Carty is=20 meeting with employees this week and next week to discuss the company's=20 financial status. The meetings come as the carrier's biggest competitor, United Airlines,=20 tries to stave off bankruptcy. Carty wants to cut $4 billion in annual=20 costs, and American's management team has found about half that total. The= =20 carrier hopes to persuade its labor unions that concessions are critical to= =20 American's long-term survival. American is in mediated contract talks with= =20 its pilots, but it hasn't yet started formal discussions with any of its=20 unions about concessions. The Fort Worth, Texas-based airline lost almost=20 $3 billion from January through September, and some analysts project it=20 will lose $588 million in the current quarter. But American's situation isn't as dire as United's. American has cash and=20 assets on hand worth more than $2 billion. By late Thursday, United hadn't filed for Chapter 11 bankruptcy. Analysts,= =20 however, say it is inevitable that the nation's No. 2 carrier will seek=20 protection after failing to secure a $1.8 billion federal loan guarantee.=20 Carty has said American doesn't plan to head down that road, a statement he= =20 repeated in two meetings with employees Wednesday at Hyatt DFW hotel.=20 Similar sessions are scheduled next week at the airline's headquarters in=20 Fort Worth, at its hub in St. Louis and in New York. The two-hour meetings= =20 feature a presentation showing American's weakened finances followed by=20 questions and answers. Some of the questions have been tough, but the tone= =20 hasn't been adversarial, said American spokeswoman Andrea Rader. "Don=20 thought it was very important that people understand just what the=20 magnitude of the problem is, what we're going to do about it and what the=20 long-term future of the airline is," she said in Friday's editions of The=20 Dallas Morning News. Analysts say American could benefit from United's=20 problems, especially if its passenger numbers start to decline. United,=20 which shares a hub with American in Chicago, also is expected to pare its=20 schedule, which could benefit American. The owner of Roger's Trinbago Site: Roj (Roger James) *************************************************** escape email mailto:ejames@escape.ca Trinbago site: http://www.tntisland.com CBC Website http://www.tntisland.com/caribbeanbrassconnection/ The Trinbago Site of the Week: (Island Events) http://www.islandevents.com (Island Events) courtesy of Roj Trinbago Website & TnT Web Directory Roj's Trinbago Website: http://www.tntisland.com TnT Web Directory: http://search.co.tt *********************************************************