NYTimes.com Article: US Air to Cut Executive Payroll 20 Pct

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US Air to Cut Executive Payroll 20 Pct

September 29, 2004
 By REUTERS





Filed at 8:05 a.m. ET

WASHINGTON (Reuters) - US Airways (UAIRQ.OB) plans to cut
its executive payroll by 20 percent, reducing pay and
benefits for its 3,000 managers and eliminating positions,
The Washington Post reported on Wednesday.

The No. 7 U.S. airline was expected to announce details of
the plan in the coming days as it prepares for a bankruptcy
hearing next Thursday, the newspaper said, citing sources
familiar with the plan.

Christopher Chiames, US Airways senior vice president of
corporate affairs, confirmed the airline plans to cut about
$45 million of its $201 million management payroll but
declined to offer more specific, the Post said.

``Management is going to be participating in the cost
restructuring. We will announce those changes when we're
ready to announce them,'' Chiames told the newspaper.

A US Airways spokesman was not immediately available for
comment.

Arlington, Virginia-based US Airways said in a filing late
last week that it wants a bankruptcy judge to impose
temporary wage and other cost cuts on its union workers,
warning that it only has enough cash to operate through
January.

US Airways entered bankruptcy for the second time in two
years on Sept. 12, severely pressured by low-cost
competitors, soaring fuel costs and an inability to borrow
or attract new investors.

http://www.nytimes.com/reuters/business/business-airlines-usairways.html?ex=1097552963&ei=1&en=6a51a627f09741d3


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