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United Asks Judge to Approve Cost Cuts

May 01, 2003|From Reuters

United Airlines headed to Bankruptcy Court to ask a judge to approve $2.56 billion in annual savings it has called key to its survival.

Rank and file at United's major labor unions have ratified sweeping changes to collective bargaining agreements, including pay cuts and other concessions worth $794 million a year.

The last pieces of the puzzle fell into place when workers represented by the International Assn. of Machinists, traditionally the most militant of United's unions, ratified cuts United said are needed to satisfy lenders that helped finance its restructuring.

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