APA INFORMATION HOTLINE
This is APA Communications Director Gregg Overman with the APA Information Hotline for Friday, Nov. 9.
APA AND AMR MANAGEMENT REACH AGREEMENT IN PRINCIPLE: This afternoon the APA Board of Directors voted to present AMR management with a comprehensive counter-proposal. Management responded by agreeing to APA’s proposal. The APA Board of Directors will proceed in compliance with policy-manual requirements and vote to send the agreement-in-principle to the membership as a tentative agreement for a ratification vote.
APA designed our comprehensive counter-proposal to provide our pilots with an industry-standard contract while enabling American Airlines to complete a successful restructuring and compete on a level playing field with its network-carrier peers. The Board’s vote on the motion to present the comprehensive counter-proposal was 13 for, two against and one absent.
We will provide details of the new agreement-in-principle shortly.
Also today, the Board received a closed-session briefing from Jack Butler, who serves as the lead counsel for the Unsecured Creditors’ Committee. In addition, Andrew Yearley of Lazard, APA’s financial adviser, addressed the Board.
As of this recording, the Board remained in session. Thanks for checking this hotline.