Sun, Nov 14, 2004
Aero-News: Quote of the Day
Quote of the Day usually derives from current news, though we
reserve the right to pick quotes out of history that have a bearing
on the day's events and issues.
Sometimes, you'll find them timely and in keeping with the
content of the day's news... and sometimes, they'll just be
Reader suggestions and comments are welcome... and if
particularly intriguing, timely, or poignant, may themselves
become future Quotes of the Day.
Let us hear from you, folks!
Aero-News Quote of the Day
"Our financial partners have made it
very clear that we cannot expect their support and continued
participation in our restructuring without a competitive cost
structure, and competitive labor, pension and benefit costs are
critical components of the cost structure at every successful
airline. Our negotiating position is that we are seeking costs that
are consistent with those at low-cost carriers that have now become
the defining force in the marketplace."
Source: US Airways President and Chief
Executive Officer Bruce R. Lakefield, commenting on the company's
bankruptcy court filing, requesting permission to reject labor
agreements, reduce retiree benefits, and terminate defined benefit
retirement plans as measures to reduce costs prior to an expected
tough 1Q05 for the airline.
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