Sun, Aug 21, 2005
Concessions Waiting In The Wings?
Delta Airlines warned
pilots Friday that their cash levels have dropped below a level
that could lead to more concessions from the pilots. Delta pilots
ratified a concession package last November to save the company up
to $1 billion a year.
"This is not a surprise action. We have given the Air Line
Pilots Association a heads up to let them know that Delta's
financial situation has fallen short of earlier assumptions," said
company spokesman Andy McDill.
In the concession package, Delta agreed that it wouldn't seek
additional concessions as long as they kept a certain level of cash
available. The pilots union said the memo from Delta only said that
'the company's liquidity has fallen below the threshold liquidity
Although the exact level was not disclosed, the company reported
last month that it had $1.7 billion in cash and short-term
Capt. John Malone, chairman of Delta's ALPA union group, said
that the labor contract remains unchanged for now.
"We are doing everything possible to increase our financial
situation," said McDill.
Delta has lost almost $10 billion in the last few years.
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