TITLE

American Posts $1.04 Billion Loss As Struggle for Solvency Continues

AUTHOR(S)
Albanese, Elizabeth
PUB. DATE
April 2003
SOURCE
Bond Buyer;4/24/2003, Vol. 344 Issue 31621, p3
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
American Airlines Inc. and its parent company, AMR Corp., continued to face hard decisions on April 13, 2003 after posting a 1.04 billion dollars net loss for the first quarter of 2003 amid concerns that labor concessions in the third week of April 2003 could be lost after union employees became aware of financial-protection plans created for American executives. Union members have called into question the validity of labor contracts approved in early third week of April 2003 that included 1.6 billion dollars of wage and benefits concessions and layoffs after documents filed by American with the Securities and Exchange Commission uncovered a pension trust and retention bonus plan for top airline brass. Following the disclosure, both the Association of Professional Flight Attendants and the Transport Workers Union have called for revotes of the labor concessions, saying airline executives were protecting their own financial future while asking employees to take huge pay cuts.
ACCESSION #
9676331

 

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