CHICAGO May 11, 2005 — United Airlines gained a significant financial victory with court approval to dump its four pension plans but faces a tough challenge to win back the support of angry employees.
While smoothing the path toward a targeted exit from Chapter 11 bankruptcy later this year, Tuesday's ruling in U.S. Bankruptcy Court inflamed United's unions, with some hinting at the possibility of strikes or other disruptive actions.
It also prompted a renewed warning from some members of Congress that taxpayers may someday have to bail out the deficit-riddled government pension agency, which now will assume an additional $5 billion in pension obligations from United. [my emphasis]
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We should have let the major airlines go under after 9/11. We wouldn't be bailing them out again. Trust me, we wouldn't have been any more inconvenienced than we were for the time it would take regional carriers to fill the vacuum. This is the age we birthed in 2000. The 21st Century, the Age of Broken Promises. Stupid, stupid Republicans.
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