United, Pilots ReachDeal on Recovery PlanPilots at...
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United, Pilots Reach
Deal on Recovery Plan
Pilots at UAL Corp.’s United Airlines reached a tentative agreement to take part in a financial recovery plan, including concessions the No. 2 U.S. carrier says it needs to restore financial health.
No terms were released by United or the pilots, represented by the Air Line Pilots Assn.
The deal is subject to UAL board approval and, after review by an executive council for the union, ratification by about 9,000 rank-and-file pilots.
If the pilots deal is approved, UAL Chief Executive Jack Creighton said in a statement, it will result in significant cost reductions for United while providing pilots with “additional opportunities for participation in United’s future growth.”
Shares of UAL fell 17 cents to $11.70 on the NYSE.
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