United and Continental Announce Transition Agreement in Principle With Their Pilots


HOUSTON and CHICAGO, July 20 /PRNewswire-FirstCall/ -- United Airlines (Nasdaq: UAUA) and Continental Airlines (NYSE: CAL) today announced they have reached an agreement in principle on a transition and process agreement with the pilots of both companies.
The agreement provides a framework for pilot operations of the two groups until the carriers' operating certificates are combined.
"This is an important step forward that reflects the hard work and collaborative dialogue required to reach this transition agreement that is in the best interest of our new company and our pilots," said Glenn Tilton, United chairman and chief executive officer, who will serve as non-executive chairman of the merged company.
"We are pleased to have reached this important agreement at such an early stage of the integration planning process, as it is a key first step in building a long-term, productive relationship between the combined company and our pilots," said Jeff Smisek, Continental's chairman, president and chief executive officer who will serve as chief executive officer of the combined carrier. "We will continue to focus on working together with all of our work groups to reach agreements that are fair to our employees and fair to the company."
The companies expect to close the merger in the fourth quarter of 2010.