This is total bullsh!t
Press Release Source: Northwest Airlines
Northwest Airlines Pilots Ratify Agreement
Wednesday May 3, 12:50 pm ET
EAGAN, Minn., May 3 /PRNewswire-FirstCall/ -- Northwest Airlines Corporation (OTC: NWACQ - News) today announced that its pilots, represented by the Air Line Pilots Association International (ALPA), have agreed to a new contract with the carrier. Sixty-three percent of the pilots' voting ratified the agreement.
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"Our pilots have played an extraordinary leadership role in helping Northwest achieve the cost reductions necessary to restructure the airline successfully. They led the way with the December 2004 bridge agreement. With today's vote, our pilots and their families have made another significant sacrifice to help secure Northwest's future," said Doug Steenland, Northwest Airlines president and chief executive officer.
"ALPA's contract ratification is a major step in ensuring the long-term success of our airline. We look forward to continuing to work with ALPA's leaders as we reshape Northwest going forward. In particular, we will be working with our pilots to help secure expeditious passage of pension legislation that would secure the pensions that our pilots have earned and deserve," Steenland added.
To date, in addition to ALPA, Northwest has reached agreements on permanent wage and benefit reductions with the Aircraft Technical Support Association (ATSA), the Transport Workers Union of America (TWU), and the Northwest Airlines Meteorologists Association (NAMA). Also, the airline's International Association of Machinists and Aerospace Workers-represented customer service and reservations staff employees have ratified a new contract, providing for permanent wage and benefit reductions. In addition, two rounds of salaried and management employee pay and benefit cuts have been implemented and the needed aircraft maintenance employee labor cost savings have been achieved.
Since beginning its restructuring process in September of last year, Northwest has remained focused on its plan to realize $2.5 billion in annual business improvements in order to return the company to profitability on a sustained basis. The restructuring plan continues to be centered on three goals: resizing and optimization of the airline's fleet to better serve Northwest's markets; realizing competitive labor and non-labor costs; and restructuring and recapitalization of the airline's balance sheet.
Northwest Airlines is the world's fifth largest airline with hubs at Detroit, Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and approximately 1,200 daily departures. Northwest is a member of SkyTeam, an airline alliance that offers customers one of the world's most extensive global networks. Northwest and its travel partners serve more than 900 cities in excess of 160 countries on six continents.
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Source: Northwest Airlines