Thu, Feb 27, 2003
APA President Dismisses Validity of Prediction Concerning
Timetable
The Allied Pilots Association (APA), collective
bargaining agent for the 13,500 pilots of American Airlines,
responded to news stories published by various media outlets today
regarding statements attributed to the union concerning a timetable
for a possible bankruptcy filing by American Airlines.
"Evidently a news reporter obtained a copy of an Internet
posting from one of our local official's web sites that contained a
summary of a meeting last week with his members," said Captain John
E. Darrah, APA President. "During the meeting, this local official
discussed American Airlines' widely publicized cash burn rate and
made a prediction about a potential bankruptcy filing date based on
some 'back-of-the-envelope' calculations.
"This prediction in no way constitutes an official
APA position. It is not based on any information from the extensive
series of internal meetings that have taken place between APA and
American Airlines management during the past several weeks. Given
the numerous variables such as a possible war in Iraq, the
airline's ability to raise additional cash through various means,
the potential for government relief, and the possibility of
cost-savings agreements with the carrier's employee groups, we are
unwilling to make any such predictions."
While dismissing the validity of the prediction concerning
bankruptcy, Darrah reiterated that APA believes the airline does
face an extremely difficult situation, and that a war in Iraq would
almost certainly exacerbate its problems.
"We have signaled our willingness to explore cost savings with
American Airlines management," said Darrah.
"We have
also emphasized the importance of the federal government taking
steps to help preserve this vital industry. Due in large measure to
the September 11, 2001 terrorist attacks, air travel is currently
one of the most heavily taxed sectors of our economy. As direct
victims of those attacks, the carriers cannot now be expected to
underwrite a large portion of the cost of the ongoing war on
terrorism." Founded in 1963, APA is headquartered in Fort Worth,
Texas.
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