=20 ---------------------------------------------------------------------- This article was sent to you by someone who found it on SF Gate. The original article can be found on SFGate.com here: http://www.sfgate.com/cgi-bin/article.cgi?file=3D/news/archive/2003/08/22/f= inancial1450EDT0147.DTL ---------------------------------------------------------------------- Friday, August 22, 2003 (AP) Midwest Airlines finalizes restructuring agreements (08-22) 11:50 PDT MILWAUKEE (AP) -- Midwest Airlines has finalized agreements it reached with its labor unio= ns and aircraft lessors and lenders that are meant to save the troubled airline $20 million annually. The company said Friday the final agreements were the same as the tentative deals reached in mid-July with its three unions and 11 aircraft lessors and lenders. Midwest executives said in June the company would have to file for Chapt= er 11 bankruptcy without the concessions from its unions and aircraft lessors. "Now we go forward and obtain new financing, so we're looking at all options for doing that," said Carol Skornicka, Midwest's senior vice president and general counsel. Both of Midwest's pilots unions and its flight attendants union ratified packages of concessions that included wage reductions, work rule changes or productivity improvements. In exchange, they will have the right to buy stock in the company at a preset price for the next 10 years and share in Midwest's profits. The company's agreements with its aircraft lessors and lenders reduces aircraft lease payments to reflect current market rates and restructures certain short-term debt into long-term debt. In March, Midwest said it had temporarily stopped making aircraft lease and debt payments and would try to negotiate new terms that better reflect the reduced value of its passenger jets. The agreements are part of Midwest's new five-year business plan that wi= ll allow the company to rebound from the brink of bankruptcy. The plan also includes launching a low-fare service aimed at vacationers. Like most airlines, Midwest has struggled because of the weak economy and a drop in tourism since the terrorist attacks of Sept. 11, 2001. Midwest Airlines and subsidiary Midwest Connect serve 50 cities and an average 8,000 daily passengers. On the Net: Midwest Airlines: www.midwestexpress.com =20 ---------------------------------------------------------------------- Copyright 2003 AP