Fleet Service says Yes, Machinists say No
- Thread starter ClueByFour
- Start date
September 10 will be a very important day when the company asks the bankruptcy court for emergency relief from the IAM Mechanic and Utility contract. Siegel has said he will seek deeper cuts and the only time I have seen the man emotional was when he talked of any employee stakeholder not agreeing to concessions.
Bonderman's DIP & Emergence financing MOU required employee restructuring deals by August 30; therefore, this could get very ugly.
Could this invite a corporate raider in like Carl Icahn?
It will be interesting to see if the IAM gets a better deal, if the judge makes the IAM pay a deeper price, and if the mechanic issue prevents a loan guarantee, which could lead to a liquidation of the company.
One thing is for sure, we'll know more now that the mechanics have elected to appear in front of Judge Mitchell in Alexandria.
Chip
Bonderman's DIP & Emergence financing MOU required employee restructuring deals by August 30; therefore, this could get very ugly.
Could this invite a corporate raider in like Carl Icahn?
It will be interesting to see if the IAM gets a better deal, if the judge makes the IAM pay a deeper price, and if the mechanic issue prevents a loan guarantee, which could lead to a liquidation of the company.
One thing is for sure, we'll know more now that the mechanics have elected to appear in front of Judge Mitchell in Alexandria.
Chip
usfliboi
Veteran
- Aug 20, 2002
- 2,070
- 270
Yet another sad chapter in our history > Its hard to blame the work n file for this mess since the trust issue and aggravation from past mgt has played a role in this no vote. I really had hope things would work out ok but with this ic an imposed contract and some very unhappy mech...resulting in a lot of slow downs..... we didnt need this i hope we can get through this but i see some more heavy waves coming.....[
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