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Eastern Airlines Facing Bankruptcy
Part 1 of Paper
.... $67.4 million loss, and financially experts
had told Frank Borman, president and chief executive officer, that the
airline had three choices: 1) a 20 percent pay cut for all union and
noncontract employees. 2) Filing for Chapter 11 (bankruptcy) or 3) Selling
the airline. On February 23, 1986, Easte.... Part 2 of Paper
.... for legal
affairs. For about 20 minutes the three discussed the fourthcoming meeting
and the prospects for saving the airline. Negotiations were going to come
around for ALPA and TWU but no break from the IAM. The IAM would not budge
since Charlie Byran, head of the machinist's union, stood firm against a 20
percent wage cut.
At 7:30 the board meeting began with the discussion of the Texas Air
offer, concentrating on some of the conditions attached to the buying of t.... |
| Number of words: 1250 - Approximate pages: 5 |
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