Airbus gets green light for rescue plan

0 Comments | AFP, February, 2007

PARIS (AFP) — European plane maker Airbus finally won approval to press ahead with a rescue plan on Monday, clearing the way for major job cuts and signalling an end to Franco-German tensions over the restructuring of the company.

"The EADS board of directors today unanimously approved the Power8 plan for the transformation of Airbus," said a statement from Airbus parent company EADS, which owns 100 percent of the group.

The broad outlines of the "Power8" restructuring plan were first unveiled by Airbus in October, but the detailed planning of the initiative had caused strains between France and Germany over where job cuts would fall.

EADS said that the plan would be unveiled to representatives of Airbus's 55,000-strong workforce on Wednesday and the company...