Bronner Tells Usa Today Bankruptcy Could Occur
- Thread starter USA320Pilot
- Start date
USA320Pilot
Veteran
- Joined
- May 18, 2003
- Messages
- 8,175
- Reaction score
- 1,539
767jetz:
I'm not going to waste my time with your nonsense because Bronner said four times in press that he wanted to buy United assets and Susan Carey reported that US Airways rushed to get out of bankruptcy to buy United assets, but that SARS and the Iraqi War ended to fast.
Nonetheless, that's water over the damn, but yout "jab" about US Airways liquidating is interesting. It appears that US Airways has a new business plan and ATSB support. Furthermore, the ATSB's auditor recently told the news media he believes the creditors will support another Chapter 11 restructuring.
Bill Warlick, an analyst with Fitch Investors Service and the ATSB's loan guarantee application auditor, who I understand recommended the Board approve US Airways' application and reject United's application, told the Charlotte Business Journal, "The threat of bankruptcy (for US Airways) is more real now. There is a pretty good chance that (creditors) will take some action by October if the company doesn't meet those (ATSB) covenants."
In any event, analysts agree a second Chapter 11 filing would not necessarily be a disaster. Mike Boyd notes Continental Airlines Inc. went through that ringer twice and is doing well. And Warlick thinks US Airways has sufficient liquidity that its creditors would not force liquidation of the company. "I think they will be given a shot at restructuring again," he says.
See Story
767jetz, how come Warlick has not made the same claim about United, especially since he is intimately aware of United's business plan or lack thereof?
On the other hand the ATSB rejected United's application three times and it appears the company does not have a plan to exit bankruptcy, which the airline told the court today.
See Story
In regard to your pension, ATW reported tonight amid reports that United Airlines will seek to terminate all of its employee pension plans as part of its program to exit bankruptcy, the carrier's pilots, represented by the Air Line Pilots Assn., fired back yesterday, saying they will "use every resource at their command and every legal means available to prevent the company from destroying" their pension program. "We recognize United's continuing need to reduce operating costs, given the current domestic rise in the price of fuel," union head Mark Bathurst said. "However, the company's 9,000 pilots have already made huge concessions to provide United with over $6 billion in financial relief over the next five years…We made these enormous financial and lifestyle sacrifices to help the airline move toward profitability and to protect our pensions. We will not further sacrifice our futures--and our families' futures--as well."
767jetz, it sounds as if things are not going to well at WHQ.
Respectfully,
USA320Pilot
I'm not going to waste my time with your nonsense because Bronner said four times in press that he wanted to buy United assets and Susan Carey reported that US Airways rushed to get out of bankruptcy to buy United assets, but that SARS and the Iraqi War ended to fast.
Nonetheless, that's water over the damn, but yout "jab" about US Airways liquidating is interesting. It appears that US Airways has a new business plan and ATSB support. Furthermore, the ATSB's auditor recently told the news media he believes the creditors will support another Chapter 11 restructuring.
Bill Warlick, an analyst with Fitch Investors Service and the ATSB's loan guarantee application auditor, who I understand recommended the Board approve US Airways' application and reject United's application, told the Charlotte Business Journal, "The threat of bankruptcy (for US Airways) is more real now. There is a pretty good chance that (creditors) will take some action by October if the company doesn't meet those (ATSB) covenants."
In any event, analysts agree a second Chapter 11 filing would not necessarily be a disaster. Mike Boyd notes Continental Airlines Inc. went through that ringer twice and is doing well. And Warlick thinks US Airways has sufficient liquidity that its creditors would not force liquidation of the company. "I think they will be given a shot at restructuring again," he says.
See Story
767jetz, how come Warlick has not made the same claim about United, especially since he is intimately aware of United's business plan or lack thereof?
On the other hand the ATSB rejected United's application three times and it appears the company does not have a plan to exit bankruptcy, which the airline told the court today.
See Story
In regard to your pension, ATW reported tonight amid reports that United Airlines will seek to terminate all of its employee pension plans as part of its program to exit bankruptcy, the carrier's pilots, represented by the Air Line Pilots Assn., fired back yesterday, saying they will "use every resource at their command and every legal means available to prevent the company from destroying" their pension program. "We recognize United's continuing need to reduce operating costs, given the current domestic rise in the price of fuel," union head Mark Bathurst said. "However, the company's 9,000 pilots have already made huge concessions to provide United with over $6 billion in financial relief over the next five years…We made these enormous financial and lifestyle sacrifices to help the airline move toward profitability and to protect our pensions. We will not further sacrifice our futures--and our families' futures--as well."
767jetz, it sounds as if things are not going to well at WHQ.
Respectfully,
USA320Pilot
USA320Pilot
Veteran
- Joined
- May 18, 2003
- Messages
- 8,175
- Reaction score
- 1,539
PITBull:
I do not like this either, for any labor group, and I share your frustration and anger. I’m going to bed -- see you tomorrow night.
Respectfully,
USA320Pilot
I do not like this either, for any labor group, and I share your frustration and anger. I’m going to bed -- see you tomorrow night.
Respectfully,
USA320Pilot
Indeed, why? Uhmmmmmm . . . . . . could it be that there was a typo on the contract and that they're just correcting it??? Or maybe it's the secret handshake that the execs ALWAYS take care of each other first . . . and they know that they're getting ready to scuttle the company. I guess the Captains of Industry don't go down with the ship . . . . they take all the lifeboats and leave the crew to drown. If this is true, I hope the unions don't give the Mr. Integrity-former-Naval-Officer Lakefield a pass.
I was wondering when Mr. Liquidation was going to talk to the media.
Dr. Bigshot.......you had your chance to deal fair and square but chose to extort the UAIR employees time and time again. Now face their IRE!!
You alone have destroyed any trace of trust or respect for UAIR management with the likes of "Labor Friendly Dave" and "I dont know how much I make Cohen."
For you to think that the employees will further subsidize this Albatross of a company with it's inept management is beyond all comprehension!!! And to insult us with your profit sharing scheme is proof of the type of individual you really are. You are nothing more than a con-man to many......a common criminal.
You pick our pockets while paying Seigel and Cohen MILLIONS!!!! You steal our work and send it to your hack shop!!!! You are a hypocrite and a liar!!! How can you even look at yourself in the morning???
See you in BK court once again.
Dr. Bigshot.......you had your chance to deal fair and square but chose to extort the UAIR employees time and time again. Now face their IRE!!
You alone have destroyed any trace of trust or respect for UAIR management with the likes of "Labor Friendly Dave" and "I dont know how much I make Cohen."
For you to think that the employees will further subsidize this Albatross of a company with it's inept management is beyond all comprehension!!! And to insult us with your profit sharing scheme is proof of the type of individual you really are. You are nothing more than a con-man to many......a common criminal.
You pick our pockets while paying Seigel and Cohen MILLIONS!!!! You steal our work and send it to your hack shop!!!! You are a hypocrite and a liar!!! How can you even look at yourself in the morning???
See you in BK court once again.
luv2fly
Veteran
- Joined
- Aug 21, 2002
- Messages
- 1,187
- Reaction score
- 0
USA320Pilot said:
How low are you willing to go USA320 in order to preserve your job? I don't work for US, but it sounds to me like you want every other employee group to give, give, and give some more, just to help preserve your job. Your use of the now infamous management quote " the marketplace has forever changed, and we must all now change with it or die!" has become tiresome and transparent. Your argument with 767jetz is childish. You constantly lament over others misfortune, and the new "reality" of the situation, but at every other persons expense. You and I are both members of ALPA. Make your decision for yourself, and what you think is best for you and your family. Have the common courtesy to let the other groups do the same without constantly telling them they are wrong.
WorldTraveler
Corn Field
- Joined
- Dec 5, 2003
- Messages
- 21,709
- Reaction score
- 10,662
320 and Jetz,
As with every other legacy airline employee, I don’t think either of you are in a position to wish failure for each others’ company. The final chapter has hardly been written for any of the big six airlines and it is probably more certain that not that both of you may be finding supplemental, if not replacement, work.
PitBull,
Your points could not be more accurate or clear. It is a certainty that any path US can take at this point that will so alienate their workforce to the point that the company is incapable of delivering customer service and UA is not in a much better position. Bronner and US management absolutely amaze me with their lack of understanding of the basic tenets of a service industry. It is easy to fill planes during the summer when demand is high and the economy is sending people back to the airport. In about 30 days, customers will choose airlines based on service since nearly every airline will be offering the same price. Unhappy employees will easily be able to push a weaker carrier over the brink.
As with every other legacy airline employee, I don’t think either of you are in a position to wish failure for each others’ company. The final chapter has hardly been written for any of the big six airlines and it is probably more certain that not that both of you may be finding supplemental, if not replacement, work.
PitBull,
Your points could not be more accurate or clear. It is a certainty that any path US can take at this point that will so alienate their workforce to the point that the company is incapable of delivering customer service and UA is not in a much better position. Bronner and US management absolutely amaze me with their lack of understanding of the basic tenets of a service industry. It is easy to fill planes during the summer when demand is high and the economy is sending people back to the airport. In about 30 days, customers will choose airlines based on service since nearly every airline will be offering the same price. Unhappy employees will easily be able to push a weaker carrier over the brink.
WorldTraveler
Corn Field
- Joined
- Dec 5, 2003
- Messages
- 21,709
- Reaction score
- 10,662
US may voluntarily file for bankruptcy protection but it is not a slam dunk to change labor contracts and in fact can be a lengthy process – one which US cannot afford.
Sums it up nicely.aerosmith
Senior
Call me ignorant, but how does a profitable company go into bankruptcy.
