B747-437B
Topic Author
Posts: 8777
Joined: Thu May 30, 2002 6:54 am

Air Canada Reaches Agreement With IAM

Sun May 16, 2004 3:22 pm

For immediate distribution.

MONTREAL, May 16 /CNW Telbec/ - Air Canada announced that it has reached
a tentative agreement on cost realignment with the International Association
of Machinists and Aerospace Workers (IAMAW), representing 14,500 technical
operations and airport ground service, finance, cargo and clerical personnel.
The agreement, subject to ratification by union membership, meets the target
set for the IAMAW's share of the $200 million cost savings to be achieved in
order to satisfy the labour condition in the Deutsche Bank Standby Purchase
Agreement.

"I commend the IAMAW executive for their leadership role in ensuring our
restructuring remains on track," said Paul Brotto, Executive Vice President,
Planning and Cost Management. "Progress has been made and talks are
ongoing with Air Canada's other unions."

On May 14, 2004, Air Canada and The Office of the Superintendent of
Financial Institutions (OSFI) reached an agreement which satisfies the pension
funding relief condition in the Deutsche Bank Standby Purchase Agreement,
eliminating one of the two remaining conditions to be satisfied.


"The A340-300 may boast a long range, but the A340 is underpowered" -- Robert Milton, CEO - Air Canada
 
lymanm
Posts: 1100
Joined: Tue Jan 23, 2001 2:30 pm

RE: Air Canada Reaches Agreement With IAM

Sun May 16, 2004 11:31 pm

Now is this the real deal, or a renegade local agreeing without the union head's approval?

Cuz y'know that NEVER happens...
buhh bye