United Airlines likely to end pension plans
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UAL Corp.'s United Airlines, trying to attract financing to exit bankruptcy, said it probably will terminate and replace all its pension plans.
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CHICAGO Aug. 19, 2004  United Airlines warned that it likely will have to terminate its employee pension funds in order to secure the loans it needs to get out of bankruptcy a drastic step that would represent the largest pension default ever by a US ...
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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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United Airlines said the termination of its four employee pension plans was needed to attract the financing that would allow it to emerge from bankruptcy protection.
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The union that represents pilots at United Airlines said yesterday that it had struck a deal that would allow the airline to terminate the pilots&#39; ailing pension plan and partly compensate them for the loss.
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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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CHICAGO -- A federal bankruptcy judge ruled against United Airlines yesterday in a procedural dispute, siding with unions that said the company submitted unsubstantiated claims about how employees would be affected if pension plans were terminated.
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United Airlines&#39; union leaders huddled Friday to decide how to respond after the company signaled its intent to impose an additional $725 million in labor cuts and eliminate traditional pension plans.
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United Airlines will have its pension scheme for pilots underwritten by the US agency created in 1974 to protect workers&#39; retirement rights.
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United Airlines pilots would drop their opposition to the carrier's much-decried plan to eliminate traditional pensions under a tentative contract agreement approved by union leaders.
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Aug. 19 (Bloomberg) -- UAL Corp.&#39;s United Airlines, trying to attract financing to exit bankruptcy, said it probably will terminate and replace all its pension plans.
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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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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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UAL Corp.&#39;s United Airlines said Friday it is following through on its plan to cut $2 billion in costs by cutting back domestic flights and non-union salaries.
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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, trying to revamp its business after nearly two years in bankruptcy, has told its unions it must terminate and replace their pensions as part of its drive to cut costs by an additional $2 billion a year.
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The government's pension guarantee agency said yesterday that it will seek immediate termination of the pension plan of the pilots of United Airlines, a move the agency estimated would save it $140 million over the timetable proposed by the carrier and its pilots.