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Northwest Airlines (Pink Sheets:NWACQ) said today that it has
reached a tentative contract agreement with its flight attendants,
represented by the Association of Flight Attendants-CWA (AFA).
"Over the past several days, we have engaged in many hours of
intense negotiations with the AFA on a new collective bargaining
agreement. We are pleased to have reached this tentative agreement,
which would give our flight attendants a $182 million unsecured claim
in the airline's bankruptcy," said Mike Becker, Northwest Airlines
senior vice president-human resources and labor relations.
The tentative agreement will be submitted to the AFA's Northwest
Master Executive Council (MEC). The MEC will decide whether to allow
flight attendants to vote on the agreement.
Becker continued, "The agreement also includes additional contract
modifications that Northwest believes will improve the flight
attendants' work environment. Finally, this agreement allows us to
continue to achieve the required $195 million in cost savings needed
from our flight attendants."
"A ratified agreement would allow our flight attendants, along
with our other contract and salaried employees, to participate fully
in Northwest's profit sharing programs."
During the period of the airline's business plan, which runs
through 2010, all contract employees and non-executive salaried
employees are expected to receive approximately $1.6 billion in
distributions through unsecured claims, profit sharing and a
performance incentive plan.
The tentative contract agreement with the AFA will not impact the
timetable for the airline's planned emergence from Chapter 11
protection. Assuming final creditor and court approvals, Northwest
expects to complete its restructuring in June of this year.
Northwest Airlines is one of the world's largest airlines with
hubs at Detroit, Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam,
and approximately 1,400 daily departures. Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the world's
most extensive global networks. Northwest and its travel partners
serve more than 900 cities in excess of 160 countries on six
continents.
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