Tonight, after 12 hours of non-stop negotiation, LTU's pilots did sign an agreement with management to reduce their wages by 10%, no bonus payments for Christmas until 2003. Cabin crews agreed last week to reduce their wages by 5%. These agreements were crucial for the government of Nordrhein-Westfalen (home state of LTU) to give a guarantee to banks in an amount of € 300 mln. The resulting credit lines should help LTU to carry on through the winter and next spring, and grants management a bit more time to find a solution on the equity side (somebody has to buy Swissair's shares, nearly 50%, and also REWE, 40% shareholder, must make commitments in order to put LTU back on track.
So finally one crisis in European aviation did take a good turn, at least in the short term. A big thumbs-up to all 12,000 employees, unions, management, who made it happen, sometimes people start thinking in time.
Regards from a very stormy and wet Frankfurt (the sun obviously shines on DUS this morning)