Wed, Oct 15, 2008
Says New Contracts Will Yield $20 Million In Cost Savings
ExpressJet Holdings, Inc. announced Tuesday it reached tentative
agreements with all four of its labor unions representing the
pilots and instructors, mechanics, flight attendants and
dispatchers. Voting is scheduled to be completed by November 1.
As ANN reported, ExpressJet announced the end
to its branded service in July, with its last flight operating in
early September. The carrier also lost a contract flying Delta
Connection flights... leaving the Houston-based airline with just
one major contract -- flying a fleet of 205 aircraft as Continental
Express -- and a small charter operation.
If ratified, ExpressJet says it expects to realize $20 million
in labor cost savings needed under the amended capacity purchase
agreement with Continental Airlines, Inc. that became effective on
July 1, 2008. The $5 million in remaining labor savings will be
provided through wage and benefit reductions, as well as increases
in productivity, within the airport services division.
"I appreciate the hard work that each executive council and
negotiating committee put into reaching these tentative
agreements," said ExpressJet's President and CEO, Jim Ream. "If
ratified, every employee group at ExpressJet will have participated
in concessions better enabling us to weather the current economic
downturn and focus on developing strategic objectives and
conserving cash," added Ream.
If ratified, the agreements will become effective immediately
and become amendable in December 2010 for pilots and instructors,
August 2009 for mechanics, August 2010 for flight attendants and
July 2009 for dispatchers.
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