New Tentative For Pilots

[gatemech]

United, Pilots Union Reach Tentative Agreement

Tuesday January 18, 7:16 PM EST

NEW YORK -- UAL Corp.'s (UALAQ) United Airlines reached a new tentative agreement with its pilots' union, 11 days after a bankruptcy-court judge blocked a previous deal.

In a prepared statement Tuesday, the United Master Executive Council of the Air Line Pilots Association said ratification balloting will begin on Thursday, with voting scheduled to close Jan. 31.

A union representative said no details of the revised agreement are being disclosed at this time. An official at the airline said the company plans to issue a written statement shortly.

United Airlines said in a press release that it believes the new agreement " addresses fully" the court's concerns. The airline said it won't disclose any specific terms.

The previous agreement included a 15% pay cut, as well as an agreement that pilots wouldn't oppose any efforts to eliminate their pension plan. In return, United had agreed to increase contributions to a new retirement plan and issue $ 550 million in convertible notes to the pilots once the company emerges from bankruptcy.

United Airlines creditors and other union groups objected to the previous agreement with pilots, saying it was overly generous and could hurt the airline's odds of emerging from bankruptcy.

 

[novaqt]

What changed besides eliminating the requirement of elimination of other unions' pension which was the main reason the Judge would not approve the original TA?

 

[Borescope]

This is just a round of cuts in a series to come. With the so called "healthy" (not in BK) airlines earnings reports coming in, you can bet they will be back for more. The reports out also indicate that JB and AirTran are expected to report losses. It's all downhill from here.

 

[novaqt]

Looks like all the airlines better learn to generate revenue from other sources other than their employees. After all GM created GMAC Financial to generate revenue even in the seasonally adjusted down times by lending money.

 

[Winglet]

$377 million loss for 4th Q from AMR. Bad, very very bad. Expect AMR in Bk this fall unless oil comes down to $35.

 

[mweiss]

Did you notice that even if fuel were back at the lower levels, AA still would have had a loss this quarter? Sure, the fuel prices aren't helping, but the problems at the legacies run deeper than that.

 

[latreal]

$377 million loss for 4th Q from AMR. Bad, very very bad. Expect AMR in Bk this fall unless oil comes down to $35.

[post="240463"][/post]​

EVEN with all the cash they have/had, u say this fall? Like to make a wager?

 

[767jetz]

What changed besides eliminating the requirement of elimination of other unions' pension which was the main reason the Judge would not approve the original TA?

[post="240451"][/post]​

Not much. Certain things were re-worded to please the judge. He indicated that he didn't have a problem with the financials, including the bonds and "C" fund.

Basically, solutions to the pension issue will be explored over the next 90 days, and ALPA retains it's right to object to termination for now. The company still believes it will have to terminate all the employee pensions. All groups will be treated the same in this respect. (Which is what ALPA wanted in the first place.)

The pay cut was reduced by reducing participation in the Success Sharing Program.

I'm sure it will pass ratification again.

 

[UAL_TECH]

Not much. Certain things were re-worded to please the judge. He indicated that he didn't have a problem with the financials, including the bonds and "C" fund.

Basically, solutions to the pension issue will be explored over the next 90 days, and ALPA retains it's right to object to termination for now. The company still believes it will have to terminate all the employee pensions. All groups will be treated the same in this respect. (Which is what ALPA wanted in the first place.)

The pay cut was reduced by reducing participation in the Success Sharing Program.

I'm sure it will pass ratification again.

[post="240552"][/post]​

Success sharing has 'zero value'......

Where did I hear this BS before?

B) UT

 

[aafsc]

Not much. Certain things were re-worded to please the judge. He indicated that he didn't have a problem with the financials, including the bonds and "C" fund.

Basically, solutions to the pension issue will be explored over the next 90 days, and ALPA retains it's right to object to termination for now. The company still believes it will have to terminate all the employee pensions. All groups will be treated the same in this respect. (Which is what ALPA wanted in the first place.)

The pay cut was reduced by reducing participation in the Success Sharing Program.

I'm sure it will pass ratification again.

[post="240552"][/post]​

If all groups will be treated the same with respect to pensions, then every group should get bonds if their pensions are terminated. Just like the pilots.

 

[The Ronin]

If all groups will be treated the same with respect to pensions, then every group should get bonds if their pensions are terminated. Just like the pilots.

[post="240720"][/post]​

"But you're not a pilot...

 

[kcabpilot]

Pushing the pension issues out 90 days is simply a ploy to get past the May 5th date that the pilots wanted in the original tentative. The company doesn't care because they are not now, nor do they ever intend to again put any funds into the pensions. If any of us vote our current tentatives in now we will be facing the same threats of seeing the judge and having our contracts abrogated again in 90 days unless we give permission to end our pensions. The pilots will have made the 5 year mark, the rest of us will not.

 

[whatkindoffreshhell]

Tick tock tick tock tick tock.......

 

[Dave]

Tick tock tick tock tick tock.......

[post="240754"][/post]​

Another brilliant post. Aren't you the one that was so sure the PBGC was going to fight us all the way to the supreme court, a la LTV steel?

 

[767jetz]

If all groups will be treated the same with respect to pensions, then every group should get bonds if their pensions are terminated. Just like the pilots.

[post="240720"][/post]​

Then that's what your union should negotiate. Have you been in touch with your reps to tell them how you feel? Don't expect ALPA to negotiate for you.