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Northwest Pilots to Hold $888-Million Claim

April 13, 2006|From the Associated Press

A tentative pact between Northwest Airlines Corp. and its pilots union would give the pilots an $888-million claim to be paid in stock when the carrier emerges from bankruptcy protection, the union said.

Northwest pilots are voting through May 3 on the accord reached last month.

At $888 million, the pilots would hold 13% of all the unsecured claims, and would be paid in shares in the reorganized company, chief union negotiator Bill Dollaway said.

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