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…
Category: Bankruptcy
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…
AMR Creditor Panel Risks Split Over Labor With Unions Holding Three Seats
American Airlines’ disputes with its three largest unions may resurface in bankruptcy after the labor groups won seats on the creditors committee for parent AMR Corp. Unions for the carrier’s pilots, flight attendants and mechanics join the panel after failing to reach new contract agreements with American in negotiations that began as far back as 2006. American parent AMR…
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
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…
TWU has earned a seat on the Creditors Committee
Dear Brothers and Sisters, Today, The U.S. Bankruptcy Trustee made the right call as we have earned a seat on the creditors’ committee as the company goes through a Chapter 11 restructuring. Thirty thousand TWU members are critical to the current and future operations of American Airlines and American Eagle. AMR, the parent company of…
How four other airlines have fared in and emerged from bankruptcy
United Airlines Filed for bankruptcy: Dec. 9, 2002 Length of time in bankruptcy: 38 months Capacity changes: 20 percent fewer airplanes; trimmed capacity by 8 percent Job cuts: 30 percent fewer employees, about 58,000 Wage/benefit cuts: Terminated defined-benefit pensions; average pay for pilots, mechanics and ground workers dropped about 35 percent; flight attendants’ average pay…
Bankruptcy Q&A: Pension Information
The Pension Benefit Guarantee Corp. (PBGC) website is the best source for answers on retirement. You may want to look at that sites Q and A section. As of right now American has made no changes to the retirement plan in the TWU/AA agreement. It is expected that while in bankruptcy they will seek relief from the…