Hotline Update – December 15, 2011
Two weeks ago today I addressed the membership in the wake of the Chapter 11 bankruptcy filing.
I told you how disappointed I was that the sum of management’s failures had led to this outcome.
But I made a promise to you that as your president I would fight for you each and every day and that in unity we would find strength to get through these difficult and uncertain times.
Today we met with the Unsecured Creditors’ Committee in New York along with our attorneys, representatives of our fellow union brothers and sisters, and other members of the committee.
Also joining me in representing our membership was a talented team of investment banking professionals from Jefferies, a global investment-banking firm experienced in our industry and in navigating the challenges of bankruptcy.
They, like the rest of our talented team, are here to fight for you and make sure your voices are heard and your interests are protected as we work towards the best possible outcome for you and your families.
One of the most important reasons we need a firm like Jefferies is the fact that the most important part of the bankruptcy proceedings will likely revolve around the comprehensive business plan that will be presented by AMR management. This plan will be their blueprint on how they plan to move forward with our company. We will need sophisticated, credible, and professional financial analysis and advice if we are to play a major role in the process.
Retaining investment banking teams to review company financials, analyze company claims, address the proposed plan of reorganization, guide us in the case of a proposed merger or acquisition, and assist in negotiations is commonplace among major creditors and other large unions, including the Allied Pilots Association, and I will not let Flight Attendants take a back seat to anyone during this bankruptcy.
We know the stakes are higher than they ever have been before and ever will be again.
My commitment to you is that I will ensure every available resource is put to work on your behalf and that Flight Attendants are represented by a truly world-class team of experts. We deserve nothing less.
Also today we heard from CEO Tom Horton, who acknowledged there will be changes as part of the bankruptcy process and the company will seek to renegotiate labor contracts ñ neither of which came as a surprise. The coming weeks and months will be a whirlwind of activity and an emotional time for us all. As we move through this process, staying unified and informed will be the most important thing I will ask of you.
Beginning next week we will be visiting the bases to provide you with information about bankruptcy. We will share what we know now and what to expect; we will address your concerns and answer your questions. Iíll be joining members of the APFA Negotiating Team, Retirement Department and Legal Counsel. As some of the bankruptcy proceedings may be scheduled suddenly and we can expect last minute changes, these Bankruptcy Informational Base Visits will most likely be announced on short notice.
Right now we have the first three visits scheduled as follows:
Wednesday, December 21 – NYC
JFK International Hotel
14402 135th Ave
Jamaica, NY 11436
Wednesday, December 28 – ORD
Hyatt Regency OíHare
9300 Bryn Mawr Ave
Rosemont, IL 60018
Tuesday, January 3 – DFW
DFW Airport, Terminal C
Additional dates and cities will be announced as the schedule becomes available.
Together we will succeed.
More information about Jefferies is available here: www.jefferies.com
Currently, no scheduled events...