Create a New Forum Admin Login Member Login Contribute to Voyager Search VoyForums Help Desk VoyForums Exchange VoyForums Directory/Categories VoyForums Homepage VoyForums News FAQ - Frequently Asked Questions

[ Show ]

Support VoyForums

[ Shrink ]

VoyForums Announcement: Programming and providing support for this service has been a labor of love since 1997. We are one of the few services online who values our users' privacy, and have never sold your information. We have even fought hard to defend your privacy in legal cases; however, we've done it with almost no financial support -- paying out of pocket to continue providing the service. Due to the issues imposed on us by advertisers, we also stopped hosting most ads on the forums many years ago. We hope you appreciate our efforts.

Show your support by donating any amount. (Note: We are still technically a for-profit company, so your contribution is not tax-deductible.) PayPal Acct: Feedback:

Donate to VoyForums (PayPal):

[ Login ] [ Contact Forum Admin ] [ Main index ] [ Post a new message ] [ Search | Check update time | Archives: 1, [2] ]

Subject: United presses unions for more concessions-WSJ Author: eTRADER [ Next Thread | Previous Thread | Next Message | Previous Message ] Date Posted: 00:11:04 12/16/02 Mon United presses unions for more concessions-WSJ Reuters, 12.16.02, 1:24 AM ET eLibrary @ Forbes.com more > Research topics related to this story in the eLibrary news and magazine archives. Free 7-day trial. Labor Airline Transportation Employment Loans NEW YORK, Dec 16 (Reuters) - UAL Corp.'s (nyse: UAL - news - people) United Airlines, which filed for bankruptcy-court protection a week ago, told its unions Friday it needs to secure agreements on $2.4 billion in annual labour concessions by mid-February, according to one union, the Wall Street Journal reported on Monday. That figure eclipses the $1 billion in annual savings the unions earlier agreed in the hope of winning a government bailout and avoiding Chapter 11. United must meet stringent financial conditions imposed by its interim lenders, the report said. The Association of Flight Attendants, which represents 23,000 United attendants, disclosed the $2.4 billion figure in a message to its members, the report said. The nation's No. 2 airline told its unions that, without arranging the savings quickly, it won't be able to tap the second tranche of a $1.5 billion debtor-in-possession financing package that is allowing it to continue to operate. Unless it achieves positive cumulative cash flow by next spring, its lenders could find UAL in default and sell the collateral backing the loan, which would push UAL into liquidation, the article said. The U.S. Bankruptcy Court in Chicago has granted preliminary approval for UAL to draw down the first $800 million of the interim financing, augmenting the company's $800 million in unrestricted cash on hand. Copyright 2002, Reuters News Service [ Next Thread | Previous Thread | Next Message | Previous Message ]