News sources say that the employees of a bankrupt airline company are concerned about the future of their employment. Hundreds of workers protested in front of a New York Bankruptcy Court where the case for American Airlines is currently under consideration. The company announced earlier this month that it needed to cut $1.25 billion in employee-related costs in order to successfully emerge from Chapter 11 bankruptcy protection. In order to do this, the company would have to change benefits and work rules, close a maintenance base in Fort Worth, and freeze of pension plans.
So far, the three largest unions that work with the airline have rejected all of these solutions. A union leader spoke with the press recently stating that the company is blaming labor costs for its financial troubles when in fact labor is what keeps the company going. Company attorneys are scheduled this week to ask a judge to throw out the union contracts in order to complete the bankruptcy. If you plan to file for consumer or business bankruptcy in the state of Texas, make sure you have a
Houston bankruptcy lawyer on your side that can help you navigate through the process.
Contact the Malaise Law Firm today to get immediate legal advice!