US Airways Chief Says Emergence Likely by June
ARLINGTON (Aviation Daily) - US Airways during the weekend launched a “clear skies ahead†marketing campaign in an attempt to win back passengers who waited to book travel with the carrier, and CEO Bruce Lakefield confirmed the airline is on track to emerge from Chapter 11 bankruptcy protection by the end of June. The airline e-mailed a letter to all frequent flyers and posted Lakefield’s note on the airline’s web site declaring that the airline “has met every milestone in its effort to restructure.†Lakefield sent the letter after all three of its employee groups represented by the International Association of Machinists (IAM) ratified cost-savings agreements. The ratification was expected and saves the airline more than $353 million annually over five years (DAILY, Jan. 24).
The airline now has ratified concession deals with all of its labor groups, including non-unionized employees, totaling more than $1.1 billion annually. “US Airways has adequate resources and labor support to transform the airline in the many ways we have been talking about over the past year,†Lakefield wrote. “We plan to emerge from Chapter 11 by the end of June.†He now believes that the airline’s “most difficult days are behind us.†Chairman David Bronner, who several months ago threatened to liquidate the airline if it could not cut its costs, issued a more optimistic statement that the airline now has “a strong tail wind†to help it reorganize. “No one likes making concessions, but the outlook for US Airways is much brighter now that we have secured these new labor agreements and the public discussion about the airline is much more optimistic.â€
Regards,
USA320Pilot
ARLINGTON (Aviation Daily) - US Airways during the weekend launched a “clear skies ahead†marketing campaign in an attempt to win back passengers who waited to book travel with the carrier, and CEO Bruce Lakefield confirmed the airline is on track to emerge from Chapter 11 bankruptcy protection by the end of June. The airline e-mailed a letter to all frequent flyers and posted Lakefield’s note on the airline’s web site declaring that the airline “has met every milestone in its effort to restructure.†Lakefield sent the letter after all three of its employee groups represented by the International Association of Machinists (IAM) ratified cost-savings agreements. The ratification was expected and saves the airline more than $353 million annually over five years (DAILY, Jan. 24).
The airline now has ratified concession deals with all of its labor groups, including non-unionized employees, totaling more than $1.1 billion annually. “US Airways has adequate resources and labor support to transform the airline in the many ways we have been talking about over the past year,†Lakefield wrote. “We plan to emerge from Chapter 11 by the end of June.†He now believes that the airline’s “most difficult days are behind us.†Chairman David Bronner, who several months ago threatened to liquidate the airline if it could not cut its costs, issued a more optimistic statement that the airline now has “a strong tail wind†to help it reorganize. “No one likes making concessions, but the outlook for US Airways is much brighter now that we have secured these new labor agreements and the public discussion about the airline is much more optimistic.â€
Regards,
USA320Pilot
