Business Services Industry
US Airways May Seek Bankruptcy Protection If It Can't Get New Labor Agreement.
Knight Ridder/Tribune Business News, May, 2002
By Scott Bernard Nelson, The Boston Globe Knight Ridder/Tribune Business News
May 11--US Airways Group, the second-busiest carrier at Logan International Airport, said it may soon seek bankruptcy protection unless it can negotiate a new labor agreement.
In a first-quarter report filed yesterday with the Securities and Exchange Commission, the Virginia-based carrier said it needs wage concessions from employees to qualify for federal loan guarantees. If that doesn't happen, US Airways said, it will have to consider "judicial reorganization," a euphemism for bankruptcy.
The announcement came after a year in which US Airways failed to consummate a merger with UAL Corp., could not reach agreement with its labor unions, and sustained a $2...
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