January 31 Airline News

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chipmunn

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[SPAN style=FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA]
[H1][FONT size=3]UAL expects $3.2 billion loss in 2002, company predicts loses will deepen[/FONT][BR][/H1]
[P class=MsoNormal style=TEXT-ALIGN: justify][SPAN style=mso-bidi-font-size: 22.5pt]CHICAGO (Chicago Tribune) - [/SPAN][SPAN style=mso-bidi-font-size: 10.0pt]A top executive for United Airlines disclosed in court Monday that the carrier will lose a record $3.2 billion this year, far surpassing previous estimates by the company or Wall Street.[BR][/SPAN][SPAN style=mso-bidi-font-size: 10.0pt][BR]Complete Story: [BR][/SPAN][A href=http://www.chicagotribune.com/business/chi-0212310132dec31,1,3315565.story?coll=chi%2Dbusiness%2Dhed]http://www.chicagotribune.com/business/chi-0212310132dec31,1,3315565.story?coll=chi%2Dbusiness%2Dhed[/A][BR][SPAN style=mso-bidi-font-size: 13.5pt][BR]United, Union Fight on Pay Cut - [/SPAN]Machinists Resist Airline's Demands at Court Hearing[?xml:namespace prefix = o ns = urn:schemas-microsoft-com:eek:ffice:eek:ffice /][o:p][/o:p][BR][SPAN style=FONT-FAMILY: 'Times New Roman'][BR]CHICAGO, Dec. 30 -- UAL Corp., the parent of United Airlines, and its machinists union clashed in bankruptcy court here today over the company's attempt to secure a temporary 13 percent pay cut from its mechanics, which United said it needs to satisfy lenders and eventually emerge from bankruptcy. [BR][/SPAN][SPAN style=FONT-FAMILY: 'Times New Roman'][BR]United must trim its payroll expenses to reduce its overall costs by Feb. 15 so it can qualify for the remaining $700 million of the $1.5 billion in loans it received from banks when it filed for bankruptcy protection earlier this month.[BR][/SPAN][SPAN style=FONT-FAMILY: 'Times New Roman'][BR]Complete Story: [BR][/SPAN][SPAN style=FONT-FAMILY: 'Times New Roman'][A href=http://www.washingtonpost.com/wp-dyn/articles/A56649-2002Dec30.html]http://www.washingtonpost.com/wp-dyn/articles/A56649-2002Dec30.html[/A][o:p][/o:p][/SPAN][BR][SPAN style=FONT-FAMILY: 'Times New Roman'][BR]United Warns Employees of Need for Big Layoffs Soon[o:p][/o:p][/SPAN][BR]
[P style=TEXT-ALIGN: justify][SPAN style=FONT-FAMILY: 'Times New Roman']NEW YORK (New York Times) - United Airlines said yesterday that it would probably need to lay off a large number of workers soon, and that it would decide in the next several weeks whom to lay off.[BR][/SPAN][SPAN style=FONT-FAMILY: 'Times New Roman'][BR]The airline, a unit of the UAL Corporation, said in a recorded telephone message to employees that significant layoffs are likely in the short run, but that United has not yet decided which employees will be directly affected.[o:p][/o:p][/SPAN][BR]
[P style=TEXT-ALIGN: justify][SPAN style=FONT-FAMILY: 'Times New Roman']Complete Story: [BR][/SPAN][SPAN style=FONT-FAMILY: 'Times New Roman'][A href=http://www.nytimes.com/2002/12/31/business/31AIR.html?ex=1042002000&en=b871cfd0a3bc1d1a&ei=5040&partner=MOREOVER]http://www.nytimes.com/2002/12/31/business/31AIR.html?ex=1042002000&en=b871cfd0a3bc1d1a&ei=5040&partner=MOREOVER[/A][o:p][/o:p][/SPAN][BR]
[P style=TEXT-ALIGN: justify][SPAN class=storyheadline1][SPAN style=FONT-FAMILY: 'Times New Roman'; mso-ansi-font-size: 12.0pt][STRONG]UAL bondholders agree on changing trading rules[o:p][/o:p][/STRONG][/SPAN][/SPAN][BR]
[P class=MsoNormal style=TEXT-ALIGN: justify][SPAN style=FONT-SIZE: 11pt; COLOR: black; mso-bidi-font-size: 9.0pt][FONT size=3]NEW YORK (Reuters) - Many large UAL Corp. bondholders, who were barred from trading United Airlines debt by a U.S. bankruptcy court three weeks ago, can now sell their holdings under an agreement reached Monday, according to one person familiar with the plan. [BR][/FONT][/SPAN][SPAN style=FONT-SIZE: 11pt; COLOR: black; FONT-FAMILY: 'Times New Roman'; mso-bidi-font-size: 9.0pt][BR][FONT size=3]The tentative agreement, reached after days of negotiations with UAL, allows any institution with up to $200 million in bonds to trade their holdings, according to this source.[o:p][/o:p][/FONT][/SPAN][BR][BR][SPAN style=COLOR: black; FONT-FAMILY: 'Times New Roman'; mso-bidi-font-size: 9.0pt]Complete Story: [A href=http://www.reuters.com/financeNewsArticle.jhtml;jsessionid=NX2PMBH1D3QTECRBAE0CFEY?type=bondsNews&storyID=1976166]http://www.reuters.com/financeNewsArticle.jhtml;jsessionid=NX2PMBH1D3QTECRBAE0CFEY?type=bondsNews&storyID=1976166[/A][o:p][/o:p][/SPAN][BR]
[P class=storyhead][SPAN style=FONT-SIZE: 12pt; mso-bidi-font-size: 24.0pt]US Airways could close local base soon - Proposal to shut aircraft repair site means 25 workers could lose their jobs.[o:p][/o:p][/SPAN][BR]
[P class=storyhead]INDIANAPOLIS (Indianapolis Star) - US Airways could soon close the remnants of its once-significant Indianapolis aircraft maintenance center, several union sources confirmed Monday.[BR][BR]If the struggling airline shutters the operation, 25 local jobs would be lost: 14 mechanics and 11 other support staff. The closure could come as early as next month and would be part of an overall reduction of nearly 700 maintenance jobs by the airline, which filed for bankruptcy in August.[BR][BR]Complete Story:[BR][A href=http://www.indystar.com/print/articles/3/012451-3043-092.html]http://www.indystar.com/print/articles/3/012451-3043-092.html[/A][/SPAN][/P]
 
Is it January already? Damn.
 
[STRONG]United, Union Fight on Pay Cut - Machinists Resist Airline's Demands at Court Hearin--------------------------------------------------------------------------------------------[BR][BR][/STRONG] Resist right into extinction. [BR][BR]What needs abrogated is the IAM union leaders mind set!
[P]Losing that kind of money with that kind of response shows they are completely out of touch and need to be replaced with rational thinking individuals that will take into account the many lives this will affect. This is not leadership. [/P]
[P]The way it looks at present UAL could well become another fatality[/P]
 
3.2 billion is a PROJECTED LOSS. Not a true loss. No company on EARTH could lose 3 billion dollars and stay afloat. To pin this on labor is ludicrious, and anybody that believes the crooks running UAL or U for that matter, are simply getting played. These billionares are bluffing. If they were going to shut down these companies, they would have done it already.
 
[P] From Chicago Tribune[/P]
[P] “A top executive for United Airlines disclosed in court Monday that the carrier will lose a record $3.2 billion this year, far surpassing previous estimates by the company or Wall Street.â€￾[/P][FONT size=2]
[P] [/FONT]“Sharon Levine, an attorney representing the International Association of Machinists and Aerospace Workers, told Wedoff the union opposes the wage concessions because the airline hasn't provided enough information justifying the cuts.â€￾[/P]
[P] [/P]
[P] I LOVE IT[BR][/P]
 
Also significant is that losses continue to accelerate. In the this last month, the airline expects to lose $400 million. This equates to an annual loss of $4.8 billion. Management at UAL has no control over this ship and it appears that its demise is more certain than ever.

A real tragedy for the entire industry and most especially UAL's employees. This will make Eastern's demise look like child's play in comparison.

May tomorrow's MBAs pay close attention to this future business school case study. It will serve as a supreme example of how to take a perfectly successful airline and destroy it through utter incompetence.
 
May tomorrow's MBAs pay close attention to this future business school case study. It will serve as a supreme example of how to take a perfectly successful airline and destroy it through utter incompetence.[BR][BR]-----------------------------------------------------------------------------------------------[BR][BR] Very funny, after reading your entire post, and very true.
 
[P][SPAN class=BodyFont]3.2 billion is a PROJECTED LOSS. Not a true loss. No company on EARTH could lose 3 billion dollars and stay afloat. To pin this on labor is ludicrious, and anybody that believes the crooks running UAL or U for that matter, are simply getting played. These billionares are bluffing. If they were going to shut down these companies, they would have done it already.[BR][BR][/P]
[P]---------------------------------------------------------------------------------------------------------[BR]Propaganda, must be just propaganda, it just cannot be true, just impossible, liars.[BR][BR]There are two sets of books[BR][BR]The books are cooked[BR][BR]The government will never let it happen[BR][BR]Too many people work there, it will never shut down, somebody will stop it[BR][BR]Can-- you-- say [STRONG] DENIAL[/STRONG][/P][FONT size=2][/FONT][/SPAN]
 
Cavalier- I have to finally admit that the IAM leaders at UAL are completely out of touch with reality. If they havent had time to wrap their arms around the problem yet i guess they never will get it.
 
[SPAN class=BodyFont]Employee Ownership. You have to love it[BR][BR]------------------------------------------------------------------------------------------[BR][BR]
[DIV style="PADDING-RIGHT: 10px; PADDING-LEFT: 10px; PADDING-BOTTOM: 10px; PADDING-TOP: 10px"]’u‚©‚ꂽˆäŒË‚Ãineed! [/DIV][/SPAN]
 
[P]
[BLOCKQUOTE][BR]----------------[BR]On 12/31/2002 12:09:38 PM Retired1 wrote:
[P]Cavalier- I have to finally admit that the IAM leaders at UAL are completely out of touch with reality. If they havent had time to wrap their arms around the problem yet i guess they never will get it.[/P]----------------[/BLOCKQUOTE]
[P][/P]you'd think scotty ford and his band of merry pranksters would have gotten somewhat of a heads up with us,wouldn't you?maybe Mr Glass has been putting something in their water during negotiations?
 
Does not UAL's DIP financing require a profit in 2003? That is what the latest issue of "Aviation Week and Space Technology" says.
 
Piney Bob,Happy New Year To You![BR]these guys are in for a real shocker at UAL.i thought they were watching our dilema very closely,i guess not.heck,they only want a 13%cut to see the light of day next month.its only the tip of the iceberg and i think some realise that,but some are in PLANE denial.UAL'S problems seen to me like ours to the tenth power.the IAM MECH group out there is pretty radical with the AMFA thing and getting into IAM'S face and all.if the unions don't wake up its going to be DONE.then what?would be a great shot in the arm for U but i'd hate to see us succeed with all that going down.[BR]HAVE A HAPPY NEW YEAR![BR][BR](almost drove to ACY for the festivities)
 
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