In a move to lop off any unnecessary costs weighing it down, Delta Air Lines Inc. asked a bankruptcy court Monday for permission to reject approximately 93 million stock options held by 70,000 current and former employees and directors.
As the U.S. Department of Labor begins its investigation into Northwest Airlines’ pension plans, the controversy surrounding the bankrupt carrier’s alleged “systematic shortchanging” highlights a deeper problem: how to insure pension plans remain adequately funded in the face of financial difficulties.
With employee morale at a delicate point, bankrupt telecommunications company Riverstone Networks Inc. has asked the court to approve a $6.55 million bonus package designed to retain key employees as the company prepares for its upcoming asset sale.
Bankrupt Northwest Airlines Corp. hit a wall this week when two employee groups from the International Association of Machinists and Aerospace Workers rejected a new labor contract and authorized a strike.
A small patent-holding company is seeking to halt sales of the popular Sidekick wireless e-mail device sold by telecom retailer T-Mobile USA Inc., accusing the company of patent infringement and widespread theft of trade secrets.
Internet search company Yahoo Inc. has sued a growing technology firm in state court, accusing the smaller rival of building its company with trade secrets poached by the six former Yahoo engineers who founded it.
A deadline for Delta Air Lines Inc. and its pilots’ union to reach an agreement on more than $300 million in annual concessions passed Wednesday with no deal in the works.
Bankrupt Northwest Airlines Corp. and its flight attendants union reached a pay cut agreement Wednesday, helping the beleaguered airline steer clear of a potential employee strike for now.
In what amounts to a significant concession, bankrupt Northwest Airlines Corp. has reportedly retreated from an earlier demand to staff overseas flights with mainly non-U.S flight attendants, according to the airline’s Professional Flight Attendants Association.
Despite the looming threat of a union strike, Tower Automotive Inc. pressed on with its quest to reject collective bargaining agreements on Monday, with the auto parts maker claiming that it would not be able to emerge from Chapter 11 proceedings if the contracts were upheld.
Four banks have been subpoenaed in connection with a federal investigation into whether Honolulu's Aloha Airlines illegally used employee pension funds to pay off bank loans prior to its Chapter 11 bankruptcy filing in December 2004.
Looking to alleviate defense costs for several employees mired in class action securities litigation, bankrupt power company Calpine has asked a bankruptcy court judge to allow the company’s insurers to cover the litigation expenses so employees can focus on turning around the ailing company.
Delta Airlines headed back to bankruptcy court this week, this time to defend its proposed severance package for company officers and directors. The plan has come under fire from the Delta pilot’s union, which asked the court to reject the $14.2 million proposal.
In the footsteps of the United Auto Workers union and the Pension Benefit Guaranty Corp., General Motors Corp. has made a bid to secure a seat on the creditors’ committee of scandal-ridden auto parts giant Delphi Corp., arguing that its appointment would “help to facilitate a consensual resolution.”
Enron Corp.’s workers and retirees will receive approximately $134 million under the defunct energy company’s settlement of government and employee claims, the U.S. Department of Labor announced.
Pilots for Northwest Airlines will decide whether or not to strike later in the month, casting their votes today about a proposed work stoppage in response to the airline’s proposal to end the union contract in favor of cheaper labor.
With its disgruntled pilots union a gathering storm, Delta Air Lines Inc. offered this week to pay pilots $300 million in the event that it cuts its $1.89 billion pilot pension plan, although the embattled carrier has yet to decide whether it will do so.
Despite heated opposition from its flight attendants union, an interim pay cut agreement between embattled Northwest Airlines Corp. and the union has been extended while longer-term concessionary contracts are negotiated.
An executive bonus plan that could pay out up to $500 million to company executives has raised the ire of rank-and-file employees at bankrupt auto parts maker Delphi, who are threatening to strike over the plan.
In a bid to prevent a potential strike by its flight attendants union, Northwest Airlines has asked a bankruptcy judge to extend a pact between the company and its workers. But the union has refused to extend the deadline of the agreement, which expires next week.