October 4, 2011
This is APFA President Laura Glading. Everyone is aware of the extraordinary market volatility that currently exists in our industry as in many others. Yesterday was a prime example. Driven by events both real and rumored, AMR stock lost significant value during the day’s trading. I want to reassure you that APFA is doing everything possible and preparing for every eventuality no matter how remote.
Wall Street, the press, everyone is hypersensitive to rumors and even subtle activity within our company right now. The world markets are jittery, our industry is in flux, and it doesn’t take much for things to get out of hand. AMR has reiterated several times that bankruptcy is neither the company’s goal nor its preference. We will not speculate but continue to monitor the situation. I remain in contact with our attorneys and financial experts, the other union leaders on the property and with management, and I can tell you unequivocally that all parties involved are committed to keeping this company solvent.
AMR management and the APA are still in talks. The APA yesterday publicly stated that the recent wave of Pilot retirements was in no way connected to insider information about the company’s financial position. We continue to encourage management to match our commitment in reaching an agreement on the terms of a new contract for the Flight Attendants.
Again, I want to assure you that APFA is prepared to face any challenge and protect the best interest of our membership.
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