Today Michael Yeomans reported Jack Stephan, spokesman for the pilots union, said the pilots are pleased the airline has restructured its loans.
"It's provided us precious time to have another swing of the bat," he said. But asset sales are not good for the long-term survivability of the airline, he added.
Stephan said pilots are deep in discussions with management on changing the rules that would allow the airline to fly more smaller jets at lower costs and are preparing more comprehensive discussions on an entirely new business plan.
Do you know what bothers me the most about this article?
The Fact that US Airways had $1,840mil (or $1.84bil) on 3/31/03, and only $925mil on 3/13/04. That is a loss of $915mil cash in less than a year... That is a cash balance loss of more than $2.5mil/day (I used 365 instead of the 355ish that have really gone by). Meanwhile, nothing has been fixed. The same old issues... And now, instead of management attacking other issues of cost structure, Concessions Round 3 appears to be coming... They are trying to get blood from stones... But the real issues have yet to be addressed.
