Northwest Pilots Accept Pay Cut To Keep Airline Alive

Law360, New York (May 3, 2006, 12:00 AM EDT) -- In an attempt to help Northwest Airlines get back on its feet, the bankrupt airline’s pilots have accepted a new contract that dramatically reduces their salaries. The new contract, which is binding for five and a half years, was ratified by a margin of 63% to 37%.

“The agreement is a painful but necessary part of a successful restructuring of Northwest Airlines,” Northwest Airlines Master Executive Counsel Chairman Captain Mark McClain said in a press released issued by the pilot's union. “Now is the time for...
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