Trust Dave??

[AOG-N-IT]

Biffeman is speaking Gospel here....CLT and PIT looked like MHV minus the sand for awhile...then you end up with tons of highly ticked-off people getting bumped around from pillar to post.....and that has an immediate and lasting impact on productivity too.

I never understood that (J/K)...why aren't you working hard enough? Could it be that I had to leave my house 5 days a week and stay in a dumpy "Crash Pad" ....yet still pay a mortgage that I can't escape due to not having any equity in my home to be able to sell it to relocate?.

Could it be? I'm not able to spend any quality time with my spouse and kids ?...for the above mentioned reasons too.

Could it be? because my arse is dragging from making 2 hour commutes each way from INT or GSO to CLT....again reflecting on the first circumstance I outlined.

Could it be? I was bumped outts GSO,INT or ROA and had to make TPA my home....only to have that rug snatched out from under me in the middle of the night?

Could it be? I have reached the end of the Senority list...and I have no other options to remain with the company left.

Could it be? It's Christmas time and I'm scared to buy my family gifts...because food and a roof over my head or more important.

Circumstance has an impact on everything...including productivity. U's rapid closure of GSO and INT and ROA were ill planned moves. We did not have the square footage anywhere to absorb the abundant needs of our fleet at that time. TPA's closing is going to be a tight one at this point....but I think it can be managed better than the last disasterous mess was.

 

[chipmunn]

In my opinion, Stephen Wolf is not running the company and Dave Siegel is in charge. Siegel talks with Wolf about once a week because the former CEO is the non-executive chairman of the board.

Although I understand the anger over announcing facility closings two days before Thanksgiving, I also understand the court imposed timeline of having the final Plan of Reorganization to the court by December 9, which is extremely important to the employees and other interested parties for US Airway to reach this deadline.

During his weekly recorded message to employees, Siegel addressed his definition of "labor friendly" and "labor unfriendly".

I agree with Siegel that "labor friendly" is to discuss issues and reach consensual solutions versus "labor unfriendly", which is to seek a PBGC pension termination for ALPA, AFA, IAM, and TWU represented employees, and ask the court to impose contract productivity and benefit changes.

Management must have the cuts to gain access to the final DIP payment, loan guarantee, and equity investment, to have the liquidity to restructure and survive.

So the question is: Do we collectively negotiate acceptable accords or possibly have our pension terminated and/or court imposed contract changes to save the airline?

Either way the airline will survive and the question is how will the employees participate in additional pain?

Chip

 

[ForkTime2002]

[P]
[BLOCKQUOTE][BR]----------------[BR]
[P][BR]Management must have the cuts to gain access to the final DIP payment, loan guarantee, and equity investment, to have the liquidity to restructure and survive.[BR][BR]----------------[BR][BR][BR][FONT face="Times New Roman" size=3]Dude not for nothing, but you've been saying that for the last 5 months.[BR][BR]it's always must have the cuts to make good things happen,must have the cuts to get the loan,must have teh cuts to get teh dip, its always must have the cuts.we wrangle(the mechanics were 'confused' so they voted 2x!!!!) and we give the cuts anyway.[BR][BR]fast forward a few months,what do you know,itsmust have the cuts time again.[BR]there arent many yes votes(if any) left in people.Im not saying everyone but most people just dont have any faith left.[BR][BR]give again and in two months maybe less the more cuts machine will spool up again? [BR][BR]aint gonna happen chip.sorry.[BR][BR]what does alpa think? you guys have the biggest exposure to pension givebacks,whats the mec think about that?[BR][/FONT][/P][/BLOCKQUOTE]

 

[Biffeman]

Chip your dates are wrong, the company has asked for a postponement:[BR][A href="http://biz.yahoo.com/djus/021125/1232000558_1.html"]http://biz.yahoo.com/djus/021125/1232000558_1.html[/A][BR][BR]WASHINGTON -(Dow Jones)- US Airways Group Inc. is asking a bankruptcy court to extend through Jan. 31, 2003, the time the airline has the sole right to file a Chapter 11 reorganization plan, according to a motion filed with the court Friday.The filing said the carrier and its debtor entities "fully intend, and are indeed obligated under various agreements, to file their plan of reorganization and disclosure statement before December 31." Also, US Airways said it expects it will file the plan and disclosure statement "well before the year end" in order to get court approval of the disclosure statement at a hearing scheduled for Jan. 16, 2003.
[P]However, "out of the abundance of caution," US Airways is requesting the " modest technical" extension. If the court grants the extension and the airline files a plan by Jan. 31, it would then have until April 1 to solicit plan votes without the threat of competing plans being filed.
[P]The U.S. Bankruptcy Court in Alexandria, Va., is scheduled to consider the proposed extension at a hearing Dec. 12. Objections and responses are due Dec. 5.
[P]Because its initial exclusive period to file a reorganization plan is set to expire Dec. 9, however, US Airways is asking the court to enter a bridge order that grants the motion on an interim basis through that hearing. Court papers said the unsecured creditors' committee agreed with the proposed bridge order.
[P]The company has maintained it will seek to emerge from Chapter 11 bankruptcy protection in early 2003.
[P]The proposed extension would "provide a sufficient buffer to further refine, if necessary, a business plan that will allow them to compete in today's rapidly changing transportation industry," the motion said. Also, it would allow US Airways to get the input of estate's major constituents - including the committee and the Retirement System of Alabama - before finalizing and filing a plan.
[P]On Nov. 7, US Airways received final bankruptcy court approval of a $500 million debtor-in-possession financing agreement with the Retirement System of Alabama. The lender, one of US Airways' top creditors, has also agreed to invest $240 million in exchange for an equity stake in the reorganized airline.
[P]That investment agreement requires US Airways to file its reorganization plan by the end of the calendar year.
[P]In the motion, the airline cited the size and complexity of the case as reasons to extend the exclusive periods. When it filed for bankruptcy Aug. 11 along with eight affiliates, US Airways had roughly 40,000 employees and was the largest airline east of the Mississippi River, according to court papers.
[P]The airline listed about $7.81 billion in assets, $10.65 billion in liabilities and $8.3 billion in annual operating revenue when it filed for Chapter 11 protection.
[P]The motion said that US Airways has enough liquidity and is paying its bills as they come due.
[P]Before filing for bankruptcy, US Airways decided its reorganization plan would be based on the liquidity provided by an equity investment and exit financing supported by a federal loan guaranty.
[P]The Air Transportation Stabilization Board conditionally agreed to guarantee $ 900 million of a $1 billion loan for the company as long as it completed its restructuring plan and met other conditions. The company also received a $200 million investment proposal from private equity firm Texas Pacific Group, but that proposal was replaced in late September with the pension fund's $240 million offer.[/P]