AMR Under Federal Pressure Over Pensions | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Recent Daily Episodes

Episode Date

Airborne Unlimited-
Monday

Airborne-Unmanned w/AUVSI-
Tuesday

Airborne Unlimited-
Wednesday

AMA Drone Report-
Thursday

Airborne Unlimited-
Friday

Airborne On ANN

Airborne Unlimited--01.13.20

Airborne UnManned--
01.14.20

Airborne Unlimited--01.15.20

AMA Drone Report--01.16.20

Airborne Unlimited--01.17.20

Airborne-YouTube

Airborne Unlimited--01.13.20

Airborne UnManned--
01-14.20

Airborne Unlimited--01.15.20

AMA Drone Report--01.16.20

Airborne Unlimited--01.17.20

Thu, Feb 02, 2012

AMR Under Federal Pressure Over Pensions

PBGC Files $91 Million In Liens Against The Airline

As part of it bankruptcy reorganization strategy, AMR corp has discussed the possibility of shedding its pension obligations to bring the company back to solvency.

The Pension Benefit Guaranty Corp. (PBGC) doesn't think that's a very good idea, and has filed $91 million in liens against the airline in an effort to pressure it to hang on to its retirement plans, according to a report from the Associated Press.

AA has fallen far short on pension payments, skipping over 93% of its $100 million obligation due last week. That caused the PBGC to file the liens, saying it had little choice in the matter. The USA Today reports that the AP says the move "escalated  a fight" between the two parties. PBGC's director has accused AMR management of lining its own pockets at the expense of employee pensions.

The New York Times reports that the company's four pension plans cover about 130,000 workers. PBGC Director Joshua Gotbaum told The Dallas Morning News that, while he hopes that AA can emerge from bankruptcy and be successful, "if at all possible" he would like to see the pension plans preserved.

A report from television station KXAS indicates that American says it needs to cut as many as 15,000 jobs to save $1.25 billion annually. It also plans to invest in newer, more efficient aircraft, and increase departures from several of its major hubs by 20 percent over the next five years.

FMI: www.pbgc.gov, www.aa.com/i18n/amrcorp/corporateInformation/facts/amr.jsp

Advertisement

More News

Airborne 01.15.20: Shootdown Arrests, Airbus BelugaXL, Orbis Flying Eye Hospital

Also: Hartzell 5-Blade CASA 212, Muilenburg Leaves Boeing W/$62M, FreeFlight Systems, 50 C-130Js Authorities in Iran have made several arrests in connection with the accidental sho>[...]

Airborne 01.13.20: Continental MSB, First Colt LSA, Tamarack Update

Also: E-2D Sustainment Pilot Program, Upwind Summer Scholarship, Collins HUD Training Device, USAF Birthday Concerns about the amount of voluntary compliance with a low-cost Servic>[...]

Airborne 01.15.20: Shootdown Arrests, Airbus BelugaXL, Orbis Flying Eye Hospital

Also: Hartzell 5-Blade CASA 212, Muilenburg Leaves Boeing W/$62M, FreeFlight Systems, 50 C-130Js Authorities in Iran have made several arrests in connection with the accidental sho>[...]

AMA Drone Report 01.09.20: Model Av PAC!, Karma Firmware Update, AMA v Remote ID

Also: Breaking Down Remote ID, Pegasus Mini, Phone Drone, Drone Swarm Update No one has to tell you that recent FAA Decision-Making has been disastrous for model aviation... and if>[...]

ANN FAQ: Contributing To Aero-TV

How To Get A Story On Aero-TV News/Feature Programming How do I submit a story idea or lead to Aero-TV? If you would like to submit a story idea or lead, please contact Jim Campbel>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2020 Web Development & Design by Pauli Systems, LC