Word: braniff
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Among the most troubled of all the major carriers are Continental and Braniff, both of which are widely regarded by analysts as close to bankruptcy. At Braniff, sacrifices have become part of the job. Employees took a 10% pay cut in 1981 to help pull the airline out of its slump, and two weeks ago Braniff put its 9,500 employees on half pay for one week to save $8 million after its $94.8 million operating loss...
Airline creditors hope that recovery comes before they must declare their borrowers in default. Some are easing repayment terms. Braniff's bankers, for example, rescheduled $161 million of debt that...
Laker thus becomes the first victim of the airfare wars that he originally started. Fierce price competition is also threatening the solvency of American carriers such as Pan Am and Braniff. Last summer Laker admitted that the airline business had become "a hell of a poker game." Sir Freddie, and his planes, will be missed by thousands of budget travelers on both sides of the Atlantic...
Labor unions have already begun making substantial concessions in an attempt to safeguard jobs. Chrysler workers in the past two years have accepted benefit cuts and deferred pay increases amounting to $1.1 billion. Employees of Braniff Airways last March took a 10% pay cut, and pilots have agreed to fly ten extra hours a month, five of them without pay. Nine union locals at Uniroyal rubber plants have accepted a new contract that calls for sacrifices of $54.9 million over three years. The United Food and Commercial Workers Union that represents meat packers has agreed to defer some cost...
...been rising at an annual rate of about 7.4%, against 10.5% in the same period of 1980. The United Auto Workers executive board has given its bargaining councils permission to renegotiate current contracts and grant wage concessions to the troubled car companies. Employee groups at several ailing airlines, including Braniff and Pan Am, have already agreed to a 10% pay slash...