The Golden Lounge

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UAL Has had big news today on union wage concessions.
Reuters
United Airlines Mechanics Agree to Wage Cuts
Monday December 2, 8:23 am ET


CHICAGO (Reuters) - United Airlines said on Monday it reached a new agreement on wage cuts with its mechanics union, a key part of its efforts to avoid a bankruptcy filing.
The nation's second-largest airline, a unit of UAL Corp. (NYSE:UAL - News), reached a tentative pact with the International Association of Machinists early Monday morning, United spokesman Jeff Green said.

The union's rank-and-file members will vote on the pact on Thursday, Green said. He declined to give details of the agreement.

The union's members surprised the airline and Wall Street last week by voting to reject $700 million in proposed pay cuts. United needs the union to agree to pay cuts to convince the U.S. government to guarantee $1.8 billion of a $2 billion loan the airline needs to avoid bankruptcy.



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