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Eastern Airlines Facing Bankruptcy
Beginning of paper
In 1986, Eastern Airlines was in desparate trouble. The fourth
quarter of 1985 had shown a $67.4 million loss, and financially experts
had told Frank Borman, president and chief executive officer, that the
airline had three choices: 1) a 20 percent pay cut for all union and
noncontract employees. 2) Filing for Chapter 11 ....
Middle of paper
.... no break from the IAM. The IAM would not budge
since Charlie Byran, head of the machinist's union, stood firm against a 20
percent wage cut.
At 7:30 the board meeting began with the discussion of the Texas Air
offer, concentrating on some of the conditions attached to the buying of the
company. More talk and hours dragged on. Fin.... |
| Word count: 1250 |
Page count: 5 |
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