Law360 (March 27, 2007, 12:00 AM EDT) -- Beleaguered Northwest Airlines announced Monday that it has cut more than $50 million from a claim by non-union workers for lost wages and benefits as part of its reorganization plan.
The bankrupt carrier announced it had withdrawn the original $129 million compensation offer to 5,200 salaried employees previously filed with the Manhattan bankruptcy court, replacing it with $77.4 million in cash and restricted stock.
The package was initially designed to reimburse the workers for concessions they gave Northwest to keep their jobs as the airline slashed...
Northwest Pulls $129M Non-Union Workers Claim
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