US Airways signs tentative collective bargaining agreements with American Airlines unions
US Airways CEO Doug Parker stated (20-Apr-2012) it has signed tentative collective bargaining agreements with the Allied Pilots Association (APA), the Association of Professional Flight Attendants (APFA) and the Transport Workers Union (TWU) who represent a combined 55,000 American Airlines employees.
- APA, APFA, TWU: The unions confirmed their support of a possible merger between American and US Airways with the contemplated merger to "be based on growth, preserve at least 6200 American Airlines jobs that would be furloughed under the company’s standalone strategy, and provide employees of both American and US Airways with competitive, industry-standard compensation and benefits"; [more - original PR - SEC Filing] [more - original PR - Joint Union Statement] [more - original PR - US Airways APA] [more - original PR - American Airlines APA]
- Association of Flight Attendants-CWA: The union, which represents US Airways flight attendants, stated a "contract for flight attendants at US Airways must be completed prior to any new merger deal" with any new deals to "first acknowledge the contributions of US Airways flight attendants through a single contract with job security and improvements promised to flight attendants involved in the last merger initiated by US Airways management"; [more - original PR - Association of Flight Attendants-CWA]
- Fort Worth Chamber president and CEO Bill Thornton and Dallas Regional Chamber president and CEO Amb. James C Oberwetter, voiced concern on the "potential impact that American's union employees' support of U.S. Airways' intentions could have on both the bankruptcy proceedings and the local economy", and that they are "opposed to any mergers prior to American exiting bankruptcy"; [more - original PR - Fort Worth Chamber and Dallas Regional Chamber]
- Fitch Ratings: The rating agency upgraded (20-Apr-2012) US Airways Group to 'B-' from 'CCC', and assigned an Issuer Default Rating (IDR) of 'B-' to US Airways, Inc. with a rating outlook of 'stable'. Ratings apply to USD1.1 billion of term loan debt and USD179 million of convertible notes outstanding. [more - original PR - Fitch Ratings]