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Unions To Cash In On Unsecured Northwest Claims

Law360 (January 16, 2007, 12:00 AM EST) -- A labor union representing workers at Northwest Airlines Corp. has gotten court approval to sell off a multimillion-dollar chunk of its $181 million unsecured claim against the bankrupt air carrier.

U.S. Bankruptcy Judge Allan Gropper signed an order Thursday giving the International Association of Machinists and Aerospace Workers (IAM) permission to sell 20% of that claim for $36.2 million.

At the end of December, Northwest’s attorneys moved to amend agreements originally entered into by the airline and the IAM in May to allow the union to...
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