American may head to bankruptcy even with wage deals

[Date Prev][Date Next][Thread Prev][Thread Next][Date Index][Thread Index]

 



American may head to bankruptcy even with wage deals

FORT WORTH (Reuters) =97 The head of American Airlines warned Thursday that=
=20
the carrier could still file for bankruptcy if the economy turned sour and=
=20
the war in Iraq dragged on, even if labor groups agree to wage concessions.=
=20
Don Carty, chief executive of American's parent company AMR Corp., told=20
employees at a town hall meeting their unions should approve deals aimed at=
=20
saving the world's largest carrier $1.8 billion a year in labor costs.=20
Otherwise, he said, American will seek $500 million in additional cuts in=20
Chapter 11 protection. "I must tell you honestly, that given the impact of=
=20
the war in Iraq and a continued weak economy, the possibility of a=20
bankruptcy filing remains, these tentative agreements notwithstanding,"=20
Carty said. The three major unions are in the process of voting on the=20
concession deals and have set deadlines of Monday and Tuesday, depending on=
=20
the group. Union leaders have said the cuts may be tough for rank and file=
=20
to swallow unless there were measures in place to help employees share in=20
benefits if the carrier moves to sustained profitability.


***************************************************
The owner of Roger's Trinbago Site/TnTisland.com
Roj (Roger James)

escape email mailto:ejames@xxxxxxxxx
Trinbago site: www.tntisland.com
Carib Brass Ctn site www.tntisland.com/caribbeanbrassconnection/
Steel Expressions www.mts.net/~ejames/se/
Site of the Week: http://www.carstt.com
TnT Webdirectory: http://search.co.tt
*********************************************************

[Index of Archives]         [NTSB]     [NASA KSC]     [Yosemite]     [Steve's Art]     [Deep Creek Hot Springs]     [NTSB]     [STB]     [Share Photos]     [Yosemite Campsites]