"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 exp