Fri, Sep 04, 2015
Carrier Could Face Bankruptcy As A Result Of The Move
Teamsters Local 357 will not take a vote on a contract proposal offered by Republic Airways Holdings, according to a statement released by the union.
"The International Brotherhood of Teamsters (IBT) General President informed Local 357 Executive Board President, Captain James B. Clark II, that the IBT would not take Republic Airways Holdings' (RAH) offer to a vote," the statement, released Wednesday, read. "Local 357 is ready to resume negotiations with RAH to complete a consensual agreement as soon as possible."
Republic presented its "Last, Best and Final Offer" to the union August 21. The union represents the carrier's almost 2,100 pilots. The Company posted the full text of the proposed three-year agreement, along with supporting material, to a dedicated website.
"Our Pilots deserve an industry-leading contract and this proposal meets that standard," said Matt Koscal, Republic vice president for Human Resources. "It provides our Pilots improved job protection, compensation and quality of life for them and their families. It starts us on the path back to our tradition of operational excellence and a competitive position in the marketplace. We're asking the Union to put this contract to a vote and asking our Pilots to read it. It's time to move forward."
NASDAQ said in a news release dated August 31 that Republic's shares have fallen from $8.50/ share on July 24th to a low of $2.01 on August 27th as the contract dispute continued. "There is speculation that RJET will file bankruptcy should the negotiations fail," the release said.
On Friday the company's shares bounced up, closing at $2.65.
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