Thu, Jan 22, 2004
Pilots Agree To Chat With Company Reps
Sometimes you just have
to bear it and grin. Faced with the prospect that US Airways Group
Inc. may have to sell assets to fly through its financial problems,
leaders of its pilots union Tuesday grudgingly agreed to talks on
reducing costs and boosting productivity. This tightening of the
belt is all in the name of fighting off the many low-cost airlines
trying to get a piece of US Air's piece of the action.
The Air Line Pilots
Association said its ruling council decided to engage in the talks,
which could eventually lead to formal negotiations. This comes as
good news during some dark days at the nation's seventh-largest
carrier. The airline's corporate credit rating was lowered last
week by Standard & Poor's Corp. on fears that its turnaround
has stalled and that it may default on a $1 billion loan backed in
large part by the federal government.
The Arlington
(VA)-based carrier hasn't posted an operating profit since emerging
from bankruptcy-court protection nearly 10 months ago, despite
slashing its costs during its reorganization through employee
concessions, restructured airplane leases and other drastic
measures. As a result, US Airways contracted Morgan Stanley earlier
this month to identify and value assets it could sell to help it
get back into the black and avoid defaulting on the loan.
Hopefully, the talks between the union and management will
help US Airways fly out of the nasty storm clouds.
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