Bankruptcy Court Approves US Air's Golden Parachutes | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Most Recent Daily Episodes

Episode Date

Airborne-Monday

Airborne-Tuesday

 Airborne-Wednesday Airborne-Thursday

Airborne-Friday

Airborne On YouTube

Airborne-Unlimited-06.10.24

Airborne-NextGen-06.11.24

 Airborne-Unlimited-06.12.24 Airborne-FltTraining-06.13.24

Airborne-Unlimited-06.14.24

Fri, Jun 17, 2005

Bankruptcy Court Approves US Air's Golden Parachutes

Unions Still Bitter After Workers' Pay Cut, Pensions Dropped

A federal bankruptcy judge says US Airways can fill the pockets of its executives to keep them from leaving ahead of the company's merger with America West.

Although he approved the plan, Federal Judge Stephen Miller was skeptical. In his 15-page ruling from the bench in Northern Virginia Thursday, he wrote, "Retention plans have something of a shady reputation. They've been used to reward teh very executievs whose bad decisions or lack of foresight" bankrupt companies in the first place.

The judge's ruling was quoted by the Charlotte Observer.

But Mitchell acknowledged US Air "seems to be experiencing a serious exodus of management employees that threatens its ability to reorganize and calls for immediate action."

Mitchell didn't approve the whole proposal. Perhaps as a nod to union members bitter over the parachute plan... Judge Mitchell held off on the vastly boosting the pay of the airlines top 25 executives -- including CEO Bruce Lakefield. That decision should come later this year.

FMI: www.usairways.com

Advertisement

More News

ANNouncement: Now Accepting Applications For Oshkosh 2024 Stringers!!!

An Amazing Experience Awaits The Chosen Few... Oshkosh, to us, seems the perfect place to get started on watching aviation recover the past couple of years... and so ANN is putting>[...]

Aero-News: Quote of the Day (06.13.24)

“NBAA has a tremendous responsibility to the business aviation industry, and we are constantly collaborating with them. Our flight departments, professionals and aircraft own>[...]

ANN's Daily Aero-Term (06.13.24): Dead Reckoning

Dead Reckoning Dead reckoning, as applied to flying, is the navigation of an airplane solely by means of computations based on airspeed, course, heading, wind direction, and speed,>[...]

ANN's Daily Aero-Linx (06.13.24)

Aero Linx: Vertical Aviation Safety Team (VAST) We are a public–private initiative to enhance worldwide flight operations safety in all segments of the vertical flight indust>[...]

ANN FAQ: How Do I Become A News Spy?

We're Everywhere... Thanks To You! Even with the vast resources and incredibly far-reaching scope of the Aero-News Network, every now and then a story that should be reported on sl>[...]

blog comments powered by Disqus



Change Display

Headlines Only | Headlines w/ Teasers | View Everything

Advertisement

Top Videos

Airborne 06.14.24: Air Race Classic, Bong's P-38, Powered Lift Regs

Airborne-Flight Training 06.13.24: Abandoned Students, Nolinor C172, Simming

Airborne 06.12.24: Stupid Heli Trix, Seaplane v Boat, Aussie NIMBY

See All

Advertisement

Podcasts

Advertisement

© 2007 - 2024 Web Development & Design by Pauli Systems, LC