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US Airways disclosure statement draws objection from machinists' union
By Caroline Salls
Pittsburgh, Aug. 5 - US Airways, Inc.'s first amended disclosure statement for its plan of reorganization drew objection from the International Association of Machinists and Aerospace Workers, AFL-CIO (IAM), according to a Friday filing with the U.S. Bankruptcy Court for the Eastern District of Virginia.
The IAM said the disclosure statement does not adequately disclose the nature of the management compensation plan that will be provided to members of management, directors and other employees of the reorganized company.
In turn, the union said the disclosure statement does not provide enough information for creditors to make an informed decision on whether to accept or reject the plan.
A hearing on approval of the disclosure statement is scheduled for Tuesday.
US Airways, an Arlington, Va.-based airline, filed for bankruptcy on Sept. 12, 2004. Its Chapter 11 case number is 04-13819.
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