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twitterCEO says airline has no choice but to end pension plans
Tuesday, April 12, 2005 | 9:40 a.m.
CHICAGO -- United Airlines CEO Glenn Tilton reiterated the carrier's intent Monday to eliminate unionized employees' current pension plans and replace existing labor contracts as necessary to obtain bankruptcy exit financing.
Escalating fuel prices have left the airline in no position to compromise on cutbacks, Tilton said.
United, a unit of Elk Grove Village, Ill.-based UAL Corp., said in a bankruptcy filing Monday that it intends to replace existing pensions and tear up collective bargaining agreements with the mechanics and machinists unions if they don't agree to permanent pay cuts and other concessions by a May 11 trial date.
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