United Says Pensions' Termination Likely
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Cash-strapped UAL Corp., parent of United Airlines, continues efforts to further cut costs and emerge from bankruptcy.
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Pilots at United Airlines face a 15 percent pay cut, their second double-digit wage reduction in two years, and will not further resist the company&#39;s elimination of traditional pensions under a tentative contract agreement made public Friday.
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CHICAGO - Cash-strapped United Airlines said in a bankruptcy court filing Thursday that it "likely" will be necessary to terminate and replace its employee pension plans.    The carrier cited the size of further cost cuts and the need to find bankruptcy-exit financing as reasons for such a drastic move...
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US Airways faces a &quot;high probability&quot; of liquidation by mid-February if the temporary pay cuts it requested are not approved by the US Bankruptcy Court.
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The trustee firm representing employee pension funds at United Airlines sought a court order Tuesday that the carrier be required to make up hundreds of millions of dollars in skipped pension contributions before exiting bankruptcy.
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The Bush administration expressed  fresh concern on Wednesday about the possibility bankrupt  United Airlines UALAQ.OB might scrap its employee pension  plans, which would shift the burden of paying benefits to the  government.
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United Airlines has said it will very likely terminate its four employee pension plans and replace them with less generous benefits. United said the drastic move was needed to attract the financing that would allow it to emerge from bankruptcy.
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âFly the friendly skiesâ may be United Airlinesâ slogan. But employees of Americaâs largest carrier wonât be so convinced this weekend, on the heels of it filing court documents saying it is âlikelyâ to scrap its pension plans.
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US Airways Group Inc. has warned a bankruptcy court that it is considering whether to freeze or terminate two pension plans covering nearly 25,000 participants, The Wall Street Journal reports.
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A federal bankruptcy judge ruled against United Airlines on Friday in a procedural dispute, siding with unions who said the company submitted unsubstantiated claims about how employees would be affected if their pension programs were terminated.
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ALEXANDRIA, Va.  - US Airways Group Inc. UAIR.O  told a bankruptcy court on Monday it would skip a $110 million  pension payment due Wednesday as it looks to slash costs and  avoid liquidation after filing for protection from its  creditors over the weekend.
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UAL Corp.&#39;s United Airlines told a bankruptcy court Thursday it will likely scrap its employee pension plans, which drew more rebukes from its labor unions.
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Chicago, IL, Aug. 19 (UPI) -- A spokesman for the International Association of Machinists says the union will fight if Chicago&#39;s United Airlines tries to terminate all its pension plans.
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United Airlines, which has said it  plans to skip nearly $500 million in pension contributions this  fall, said in bankruptcy court papers it likely will have to  cancel and replace all of its pension plans.
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United Airlines says it likely will end funding for employee pension plans, a move that would be the largest ever default by a US company and could lead to a taxpayer-funded bailout rivaling the savings-and-loan fiasco of the 1980s.
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Cash-strapped UAL Corp., parent of United Airlines, yesterday said that it would &quot;likely&quot; terminate its four pension plans as part of its efforts to further cut costs and emerge from bankruptcy.
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Struggling United Airlines is rushing to again slash wages and to terminate pension plans in a bid to stem cash drain and satisfy lenders.