Please Open Your Books To Chapter 7,class

flyin2low

Veteran
Nov 4, 2002
577
1
www.domain.com
Reuters
US Airways Chairman: Liquidation Possible
Thursday August 19, 6:06 am ET


NEW YORK (Reuters) - US Airways Group Inc.'s (NasdaqNM:UAIR - News) chairman said employees must agree to $800 million in new wage and benefit cuts within 30 days or the airline might be liquidated, the New York Times said on Thursday, citing an interview with Chairman David Bronner.
ADVERTISEMENT


The No. 7 U.S. airline emerged from Chapter 11 bankruptcy protection last spring, financed in part with $240 million from Retirement Systems of Alabama, the pension fund Bronner runs.

A liquidation could take place under Chapter 7 of the U.S. Bankruptcy Code.

Bronner said that without cost-saving agreements with unions, he would not invest more money in the Arlington, Virginia-based airline.

He said agreements are needed well before September 30, when US Airways faces a series of covenants in its federally guaranteed loans, which secure its arrangements with aircraft lenders.

"Why would you put new money in, if they don't make a deal," Bronner said in the interview.

A spokesman for the Air Line Pilots Association told the newspaper the pilots union would not be pushed into a quick agreement. A vice president for the machinists union said his union would help the carrier save money, short of reopening contracts.

Bronner told the newspaper that he and other investors potentially would be better off if US Airways liquidated, because they could buy its planes, gates and routes at cheap prices, and not have to take on labor contracts. US Airways has higher operating costs than many discount carriers.

"It's a whole lot cheaper for me to have the assets and start over than to have the liabilities," Bronner said. The newspaper said he joked that the remains of US Airways could be used to start a new carrier named "Bama Air" in tribute to his home state of Alabama. But he said liquidation is "what you want to avoid."
 
flyin2low said:
[post="170401"][/post]​

"The newspaper said he joked that the remains of US Airways could be used to start a new carrier named "Bama Air" in tribute to his home state of Alabama."




Nice to know this a$$ likes to joke around while the careers of so many people hang in the balance.
 
I thought it would be Bubba Air, with Billy Clinton(excuse me William Jefferson Kennedy Kerry Clinton) as CEO. Course we would need Monica as head(no pun intended) Stewardess. Should be a big success in the South.
 
Bronner said that without cost-saving agreements with unions, he would not invest more money in the Arlington, Virginia-based airline
a very interesting usage of words.....will he invest more then??
"Why would you put new money in, if they don't make a deal," Bronner said in the interview.
two times now he refers to 'putting more in'...very very interesting if i do say.....
A spokesman for the Air Line Pilots Association told the newspaper the pilots union would not be pushed into a quick agreement.
uh oh...theres trouble in river city...could the flyboys salvo the ship???
WARNING - PAINFUL CLAUSE WARNING - PAINFUL CLAUSE
Bronner told the newspaper that he and other investors potentially would be better off if US Airways liquidated, because they could buy its planes, gates and routes at cheap prices, and not have to take on labor contracts.
ahh...someone best remind him he already owns a bunch of the planes....
"It's a whole lot cheaper for me to have the assets and start over than to have the liabilities," Bronner said.
WARNING - PAINFUL CLAUSE WARNING - PAINFUL CLAUSE
 
OldGuyinPA said:
I thought it would be Bubba Air, with Billy Clinton(excuse me William Jefferson Kennedy Kerry Clinton) as CEO. Course we would need Monica as head(no pun intended) Stewardess. Should be a big success in the South.
[post="170405"][/post]​


Why is that? Can you get ahead better in the south?
 
"It's a whole lot cheaper for me to have the assets and start over than to have the liabilities," Bronner said. :shock:

Would hate to be working at US and read this in the local paper. He sure has a plan B in HIS pocket! :down:
 
Notice how Bronner cares only about BRONNER. The WORKERS are liabilities !!! Maybe the Government will Ban Bronner from investing in any more AIRLINES when this is over!!!!
 
Just got done reading the latest. I told you where you were headed 320. But keep the Captains hat in the closet. You might get to use it again in about 4 or 5 years if everything works out. Do I like it? No, but we must face the reality of the situation.

mr
 
What a jackass... Im sure statements like this do wonders for bookings... LOL
"Bronner told the newspaper that he and other investors potentially would be better off if US Airways liquidated, "

Link Here

This cat is a piece of work..
 
mwereplanes said:
Just got done reading the latest. I told you where you were headed 320. But keep the Captains hat in the closet. You might get to use it again in about 4 or 5 years if everything works out. Do I like it? No, but we must face the reality of the situation.

mr
[post="170446"][/post]​
Not only that, but he'll be commuting to work without a company paid parking pass, making about $10 more per hour than if he worked at MDA (if he doesn't end up working for them), and have virtually NO retirement either. Better give 'em what they want so that they can compete. After all, UAIR employees want to win the race to the bottom! :shock:
 
Can anyone blame Dr. Bronner? Who in the world, after any dealing at all with our labor unions, wading around in the muck wouldn't want to scuttle the ship? Its not like U so completely out performs the rest of the industry that we are worth all the extra grief....... We have an old fleet, old/senior workers, our union roots are in Pittsburgh (you know, the city whose union mentality ran steel out of the US), three completely underperforming hubs, and a mountain of debt. Of coarse he doesn't care about the employees, they don't care themselves! His first responsibility is to the share holders (they teach that to college freshman in econimics), and that is who he is taking care of. Just so happens, a great side affect of the share holders doing well, is the company doing well and thus the employees doing well also......

A reminder for those of you who haven't been on furlough yet, $50,000-$125,000 jobs aren't out there to readily be had..... I don't care if you are ramp (noone else pays what U does to lift heavy stuff into metal tubes), reservations (JetBlue will pay you $10.00 and hr to stay home, Flight attendant (SWA will start you at $14 an hour and having 12-25 years F/A on your resume doesn't qualify for a lot at job fairs) Pilot (there are no active pilots at U under 40, the corporate world thinks airline pilots are prima-donna's---especially if they are at the helm of the ship when it sinks), Managers.........LOL You all can see where I am going with this. I don't completely agree with 320, but something needs to be done. If you are 100 miles from the next gas station and your tire blows, sometimes you not only have to fix it yourself, but suffer having to drive on the donut until something better can be arranged.

PS. I am already furloughed, so have no interest in saving my own hide :) I used to love working at U though, and would like to see it return to healthy carrier status one day, sort of the "home team" if you will.


Flame away, shoot until the horse under you stumbles and falls because thats all the further your going.....
 
luv2fly said:
Nice to know this a$$ likes to joke around while the careers of so many people hang in the balance.
[post="170403"][/post]​

And during the next 30-days, who has the power to affect that balance?

Answer: It appears to be only the unions and employees. Either agree to a third round of concessions and maintain the huge majority of jobs, or continue this same path by saying no and assure the lose of all jobs.
 
What a few people dont understand, is that you do have control of this airlines future. Whats sad is the few on here believ its all about ego. Reality is less pay or no pay. To me its that simple.
 
usfliboi said:
What a few people dont understand, is that you do have control of this airlines future. Whats sad is the few on here believ its all about ego. Reality is less pay or no pay. To me its that simple.
[post="170463"][/post]​

USfliboi,

oh, its a whole lot less. You'll get your opportunity to vote on it, can't wait.

And you get to be poor all the way out to 2012.

Hope you like the feeling of being the bottom paid in the industry.
 
Can anyone blame Dr. Bronner? Who in the world, after any dealing at all with our labor unions, wading around in the muck wouldn't want to scuttle the ship? Its not like U so completely out performs the rest of the industry that we are worth all the extra grief....... We have an old fleet, old/senior workers, our union roots are in Pittsburgh (you know, the city whose union mentality ran steel out of the US), three completely underperforming hubs, and a mountain of debt. Of coarse he doesn't care about the employees, they don't care themselves! His first responsibility is to the share holders (they teach that to college freshman in econimics), and that is who he is taking care of. Just so happens, a great side affect of the share holders doing well, is the company doing well and thus the employees doing well also...

Amazing, you almost sound smart in your post, too bad you have so many of your facts wrong!

#1 - Proformance is not all about the employees! Many of the factors in proformance, we the basic employees, have no control over. In fact, we are told time and again in company bullitins, how well we are proforming during these difficult times.

#2 - Our fleet is not that old. In fact, check the average age of the majors, we are sitting pretty well.

#3 - You obvieously haven't been watching the news, as much as you have been writing misinformation on this site! Pittsburgh is no longer a hub, which means we no longer even have three hubs!

#4 - If he wanted to take care of anybody, even share holders, he wouldn't be laughing about the situation the company is in, while asking for the employees help!

Get a new job, let it go, you need a life, and better information!