Any News On The Oct 12 Hearing?
- Thread starter us0004us
- Start date
I think that the 1830 release by FT Times as posted by USA320 indicated it would be tomorrow before the decision was "announced". I may have that wrong but I believe it is correct. So I guess just call it a night and we'll be looking for some word maybe by mid-morning is what I'm guessing.
I don't see anything on the wire services after that time.
jm
I don't see anything on the wire services after that time.
jm
seeking the truth
Member
- Oct 31, 2003
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700uw,
thanks for the updates !!!!!
thanks for the updates !!!!!
jack mama
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- Nov 18, 2003
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"" But Beth Almeida, an economist for the International Association of Machinists, said workers, especially machinists, are again being asked to do too much.
"The proposed reductions would be downright devastating," she said ""
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If that was the IAM's firepower, they are surely in trouble. Like Rico, and others have been saying, (a) 'downright devastating' is not justification in court and (b) how devastating can it be if the IAM accepts even lower wages for their brothers at MAA and [c] why is it that the cuts would place the IAM wages in the middle of the pack with the other airlines.....
"The proposed reductions would be downright devastating," she said ""
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If that was the IAM's firepower, they are surely in trouble. Like Rico, and others have been saying, (a) 'downright devastating' is not justification in court and (b) how devastating can it be if the IAM accepts even lower wages for their brothers at MAA and [c] why is it that the cuts would place the IAM wages in the middle of the pack with the other airlines.....
CaptBud330
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- Aug 20, 2002
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Judge Fears Pay Cuts Might Worsen Relations
By Keith L. Alexander
Washington Post Staff Writer
Wednesday, October 13, 2004; Page E01
US Airways Group Inc. is encountering an increased number of employees calling in sick, and some workers are staging slowdowns as the airline reorganizes its employee benefits and sick leave in bankruptcy court, executives from the airline said yesterday.
In a nearly eight-hour hearing yesterday at U.S. Bankruptcy Court in Alexandria, David M. Davis, US Airways chief financial officer, testified that some employee groups were participating in a "slowdown" and that an entire cleaning crew in Chicago called in sick a few weeks ago.
U.S. Bankruptcy Judge Stephen S. Mitchell postponed a decision on whether to impose a requested 23 percent, or $38 million a month, across-the-board employee pay cut for at least six months. Another hearing is scheduled for tomorrow. Mitchell also did not rule on whether the airline could forgo past-due payments to its mechanics' and flight attendants' pension funds.
By Keith L. Alexander
Washington Post Staff Writer
Wednesday, October 13, 2004; Page E01
US Airways Group Inc. is encountering an increased number of employees calling in sick, and some workers are staging slowdowns as the airline reorganizes its employee benefits and sick leave in bankruptcy court, executives from the airline said yesterday.
In a nearly eight-hour hearing yesterday at U.S. Bankruptcy Court in Alexandria, David M. Davis, US Airways chief financial officer, testified that some employee groups were participating in a "slowdown" and that an entire cleaning crew in Chicago called in sick a few weeks ago.
U.S. Bankruptcy Judge Stephen S. Mitchell postponed a decision on whether to impose a requested 23 percent, or $38 million a month, across-the-board employee pay cut for at least six months. Another hearing is scheduled for tomorrow. Mitchell also did not rule on whether the airline could forgo past-due payments to its mechanics' and flight attendants' pension funds.
USA320Pilot
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- May 18, 2003
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Today one of my colleagues commuted to LGA and sat next to the ATSB's attorney who represented the board at today's bankruptcy hearing.
The lawyer believes with the proposed $950 million in labor cuts, either consensual or imposed, will be enough for US Airways to survive long-term.
Separately, the new interim financing coordinated with RSA, BOA, and the ATSB requires Judge Mitchell to grant the Company's request to impose the 23 percent pay cut on the IAM, AFA, & CWA, and if necessary, ALPA, and expires on January 15, 2005.
According to the Financial Times, the new ATSB covenants require the company to have $745 million in unrestricted cash, which must not fall below $754 million on October 22, $648 million on December 31, and $550 million on January 14, 2005, the day before the financing expires. In addition, US Airways is prohibited from using the cash to buy aircraft, the company cannot spend more than $25 million on capital expenditures by the end of the year, must use any net cash from asset sales to pay down the ATSB loan, and must also hit certain rolling earnings targets.
Judge Mitchell continued the S.1113(e) hearing until Thursday's Omnibus proceeding, where he is expected to make a ruling on the company's motion.
Regards,
USA320Pilot
The lawyer believes with the proposed $950 million in labor cuts, either consensual or imposed, will be enough for US Airways to survive long-term.
Separately, the new interim financing coordinated with RSA, BOA, and the ATSB requires Judge Mitchell to grant the Company's request to impose the 23 percent pay cut on the IAM, AFA, & CWA, and if necessary, ALPA, and expires on January 15, 2005.
According to the Financial Times, the new ATSB covenants require the company to have $745 million in unrestricted cash, which must not fall below $754 million on October 22, $648 million on December 31, and $550 million on January 14, 2005, the day before the financing expires. In addition, US Airways is prohibited from using the cash to buy aircraft, the company cannot spend more than $25 million on capital expenditures by the end of the year, must use any net cash from asset sales to pay down the ATSB loan, and must also hit certain rolling earnings targets.
Judge Mitchell continued the S.1113(e) hearing until Thursday's Omnibus proceeding, where he is expected to make a ruling on the company's motion.
Regards,
USA320Pilot
PITbull
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- Dec 29, 2002
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700UW said:
Court session concluded at 6:00 after AFA had a f/a testify to the court her single mother hood with two children trying to make it on the present concessions, let alone enduring 23%. She testified that she would either sell or house or lose it.
AFA will continue with another witness on Thursday, where both sides should rest.
All sides presented very good arguments regarding the difficulty for their members at 23%.
I also heard on the news that U renegotiated with their lenders today on the contingency that the judge rules to impose 23% that the co. states they need.
Everyone is in on the act to dismantle labor and financially ruin the employees.
Don't know how the judge will rule now with the pressure from the lendors new deal for U.
We are in this fight alone....all the way.
USA320Pilot
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- May 18, 2003
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US Airways Employees Skip Work Amid Strife
Christopher L. Chiames, US Airways senior vice president of corporate affairs, said employee absentees were up a "bit" this month, but no flights were canceled or delayed because of the absences. Chiames said many of the carrier's 28,000 workers were concerned about the future of their accumulated sick days as the airline begins restructuring its employee holiday and sick time to save money.
US Airways and its labor unions offered a stream of witnesses yesterday arguing for and against the 23 percent pay cuts sought by the airline. Airline consultant Daniel M. Kasper of LECG Corp., testifying on behalf of US Airways, said the carrier's labor costs were the highest among major legacy carriers such as American, Continental and Delta and had to be reduced more in line with low-cost carriers such as Southwest, JetBlue and AirTran.
"US Airways is facing a crisis of potentially lethal proportions with a limited amount of cash and liquid assets," Kasper said. "If it is to avoid the very real threat of liquidation, it has to build up sufficient cash for the winter months, which will give its suppliers and travelers confidence."
See Story
Respectfully,
USA320Pilot
Christopher L. Chiames, US Airways senior vice president of corporate affairs, said employee absentees were up a "bit" this month, but no flights were canceled or delayed because of the absences. Chiames said many of the carrier's 28,000 workers were concerned about the future of their accumulated sick days as the airline begins restructuring its employee holiday and sick time to save money.
US Airways and its labor unions offered a stream of witnesses yesterday arguing for and against the 23 percent pay cuts sought by the airline. Airline consultant Daniel M. Kasper of LECG Corp., testifying on behalf of US Airways, said the carrier's labor costs were the highest among major legacy carriers such as American, Continental and Delta and had to be reduced more in line with low-cost carriers such as Southwest, JetBlue and AirTran.
"US Airways is facing a crisis of potentially lethal proportions with a limited amount of cash and liquid assets," Kasper said. "If it is to avoid the very real threat of liquidation, it has to build up sufficient cash for the winter months, which will give its suppliers and travelers confidence."
See Story
Respectfully,
USA320Pilot
