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Northwest Strikes Pension Deal With Retirees

Law360 (January 23, 2006, 12:00 AM EST) -- A deal has been finalized in the battle between Northwest Airlines Corp. and the committee representing its retirees over the company’s proposal to cut labor and retiree costs as it reorganizes under Chapter 11 bankruptcy.

The airline, which needed to cut retirement pay and medical benefits as part of its effort to turn around its operations, was seeking to slash $80 million in retiree medical benefit costs, although most of that amount would affect future retirees.

An attorney representing Northwest, Brian Leitch, told U.S. Bankruptcy Court...
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