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Reducing Costs:
The Company's restructuring plan is predicated upon achieving binding commitments for cost-savings from employees, aircraft lessors and financiers and other parties. On the labor front, the Company has ratified agreements with ALPA, the Association of Flight Attendants (AFA), and the Transport Workers Union (TWU) unit which represents flight crew training instructors. The Company is awaiting the ratification of agreements with TWU units for dispatchers and simulator engineers. In addition, officers, management and non-union employees are taking pay cuts, foregoing bonuses, and taking benefit cuts similar to unionized workers
The International Association of Machinists (IAM) has informed the Company that it will put out for ratification the final restructuring package for the mechanics and related work group, fleet service, and maintenance trainers, which will be comparable to the cost savings targets set for all other labor groups. The remaining union, the Communications Workers of America (CWA), has not yet reached an agreement with US Airways. However, the Company has asked the CWA to put out for ratification the restructuring package for customer service and reservations agents, but has not yet received a formal response. The Company remains committed to either reaching an agreement with the CWA, or ensuring that savings are obtained through the bankruptcy process.
While US Airways was able to successfully negotiate cost-savings from many of its employee groups, the Company determined that is was unlikely to conclude consensual negotiations with certain vendors, aircraft lessors and financiers in a timeframe necessary to complete an out-of-court restructuring. Siegel cited as factors the large number of lessors and financiers and the Company's inability to reject surplus aircraft leases and return excess aircraft outside of Chapter 11.
USA320Pilot said:Busdrvr:
Regardless, the good news is that US Airways is distancing itself from Untied, who continues to bleed cash. United’s April Monthly Operating Report is abysmal during the peak travel season, which is why US Airways likely “shunned†United and selected America West for its M&A partner.
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Best regards,
USA320Pilot
P.S. Busdrvir, what's your opinion of the Charlotte Observer interview with David Bronner, the comments made by US Airways' chairman of the board, and the Post-Gazettes comments regarding "Project Minnow"? Moreover, what's your opinion of United's April Monthly Operating Report during the busy travel season?
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USA320Pilot said:Could you also give us your opinion of the Charlotte Observer February 7, 2003 interview with David Bronner, the comments made by US Airways' chairman of the board to the newspaper,[post="274996"][/post]
USA320Pilot said:Could you also give us your opinion of the and the Post-Gazette's comments regarding "Project Minnow"?[post="274996"][/post]
C'mon Skippy, a direct challenge. Are you or are you not?AAviator said:Sure, you read a statement in the newspaper and run with it as though it were gospel.
Are you denying you're the author of the PB article of AA + US "a phased integration" ?
Remember, Holly reads here.
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USA320Pilot said:Airlines book their revenue before a passenger travel and this is referred to as “good willâ€.[post="275006"][/post]