Labor & Economic News Blog


Thursday, May 03, 2007

Union employees to get $277 million in NWA claims

Union employees to get $277 million in NWA claims
In StarTribune.com Business
Northwest Airlines workers represented by two labor unions will receive $277 million in unsecured claims against the company. U.S. Bankruptcy Judge Allan Gropper in New York ruled Wednesday that the International Association of Machinists and Aerospace Workers (IAM) and the International Brotherhood of Teamsters were entitled to the claims, which are tied to preferred stock that the company granted the workers in 1993 in exchange for contract concessions.

 



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