Q. If a plan is nearly fully funded, does the law allow PBGC to treat the plan differently as to payouts or is the non distressed status irrelevant? A. The PBGC treats all terminated plans the same, regardless of the level of the funding before termination. Q. If I am already retired can the bankruptcy…
Category: American Airlines
AA/AE Bankruptcy, TWU has and will expend considerable resources protecting the interests of our members.
Some questions apparently have arisen regarding your representations by TWU in American Airlines/American Eagle bankruptcy proceedings. I wish to respond and make our Union’s position very clear: as your collective bargaining representative under the Railway Labor Act, TWU is the sole representative in Bankruptcy Court for representing the interests of TWU members and protecting, as…
TWU AA/AE Negotiations Structure, On Behalf of the International Administrative Committee (IAC)
Dear Sisters and Brothers: Since the AA/AE bankruptcy filing on November 29, 2011, we have been working diligently to provide thorough information to you regarding the bankruptcy process, as our legal team continues to navigate through the various court proceedings. We will also continue to provide you up to date information on our newly created…
Docket Update 12/7/11 – AA Bankruptcy
Published 12/07/2011 Goodrich Corporation (“Goodrich”) filed a limited objection to the Debtors’ motion for entry of an order establishing and implementing exclusive and global procedures for the treatment of reclamation claims (the “Reclamation Procedures Motion”) and the Debtors’ motion for entry of an order establishing procedures for the assertion, resolution and satisfaction of claims asserted…
Court Update 12/6/11 – AA Bankruptcy
The Debtors filed a motion to reject 24 aircraft and engine leases. Specifically, the Debtors seek to reject aircraft and engine leases with the following parties: AWAS Aviation Services Banc of America Leasing & Capital, LLC Bank of America, N.A. Bank of Utah City National Bank Deutsche Bank Trust DFO Partnership Jetscape Inc. John Hancock…
Special Membership Meeting
SATURDAY, DECEMBER 10, 2011 11:00 AM SPIRIT EVENT CENTER 10441 South Regal Blvd. Tulsa, Oklahoma 74133 [ 105th Street & Memorial Drive ] Agenda Bankruptcy Q&A Special Guests: Attorney Mark Richards will address bankruptcy issues Retirement Counselor Mark Loeber will speak on retirement Sam Cirri, President Special Meeting 2011-12-10 Posting
3 senior executives leaving American Airlines
DALLAS (AP) — The exodus of top leaders at American Airlines is growing a week after parent AMR Corp. filed for bankruptcy protection. American Airlines said Tuesday that three senior executives will leave the company on Dec. 31. The airline’s top operations officer and the vice president for employee relations will retire, and the chief…
It Wasn’t the Union That Caused AMR’s Bankruptcy
The premise of your editorial”The AMR Union Warning” (Dec. 1) about AMR’s bankruptcy filing—that workers and unions are unwilling to address changing circumstances—is simply false. In 2003, responding to industry challenges following 9/11, members of our union and other workers at American Airlines and American Eagle agreed to reduce our compensation by billions of dollars.…
Skadden Tapped as Official Creditors’ Counsel in AMR Bankruptcy
Skadden’s appointment in the case—confirmed by a firm spokesman—came several hours after its lawyers and those from the other firms being considered for the coveted AMR role made their pitches to creditors’ committee representatives in a packed conference room at the Sheraton New York Hotel in midtown Manhattan. The other firms vying for the assignment…
AA Bankruptcy Q&A from the TWU ATD
1. What about My Pension? As a safeguard against the risk that a defined benefit pension plan may contain insufficient funds to pay the promised benefits to workers upon retirement, a federal statute, ERISA, imposes minimum funding standards on plan sponsors. ERISA also established a pension insurance program that guarantees that retirees receive at least…