PITbull
Veteran
- Dec 29, 2002
- 7,784
- 456
USA320,USA320Pilot said:Burghlaw1:
If the company enters bankruptcy, the intent will be to not seek a debtor-in-possession financier. The company is currently preparing S.1113/S.1114 motions and argument to support its desire to have an order to set aside labor contracts and aircraft leases. These two items are some of highest cash drains and the court has a responsibility to the debtor and creditors.
US Airways’ Legal Department and its advisors from Arnold and Porter are currently working on the “judicial restructuring†filing, motions, argument, and the POR.
Each individual union should attempt to preserve as much of their current contract as possible, but that is widely expected to only happen with an agreed upon settlement between the parties before the filing. Without an agreement, the relative impact on the CBA’s will be decided for the employees. Many union leaders believe that the decisions regarding the contracts going forward should be made by the rank-and-file with the company and not ones that should be made by the company unilaterally or with the help of a Bankruptcy judge.
It’s up to each union to decide if they want to participate in the new business plan or face the court because unless all unions agree to participate in the new business plan, this airline will likely be in bankruptcy this fall. Moreover, let's not forget David Bronner said this restructuring will go forward "with or without employees".
Respectfully,
USA320Pilot
So, then, am I to take it that there is no profit sharing??????