UAL Exits Historic Bankruptcy
February 2, 2006
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February 2, 2006 – Senior management at United Airlines bid a fond farewell to the shelter of bankruptcy protection this week after using the courts for three years to squeeze billions from employees, shareholders, retirees and creditors. The carrier’s coming out party included a multi-million dollar package of perks for 400 top managers at United, including stock and options worth more than $40 million alone for CEO Glenn Tilton.
“The empty suits at UAL World Headquarters are dropping their bags of money only long enough to pat themselves on the back for a job well done,” said District 141 President Randy Canale. “The fact is that United survived in spite of its current leadership, not because of it. The true heroes of this bankruptcy ordeal are the IAM members and other front-line employees who work every day at reduced rates while delivering a first-rate product.”
A major obstacle the carrier must overcome is recruiting and retaining qualified employees. “United is under-staffed at many locations and its reputation as an employer who breaks promises, eliminates benefits, forces confrontations and destroys pensions does little to help recruitment,” said Canale.
