US AIRWAYS seems to be making progress as it struggles to come out of Chapter 11 bankruptcy with the flight dispatchers represented by the Transport Workers Union (TWU), ratifying a cost-savings agreement in support of the company”s restructuring plan. All US Airways” labour unions now have endorsed agreements on the company”s shake-up. However a bankruptcy hearing last week dealt a blow to employees who had hopes that the airline's common stock might be revived. These shares, which once traded for as much as $83.25, is now worthless. US Bankruptcy Court Judge Stephen Mitchell reiterated previous court judgements in rejecting appeals by US Airways employees to preserve some of its value. The employee stockholders had sought to be treated like creditors with higher priority, who will get stock in a new US Airways after it emerges from bankruptcy court. But it seems that American bankruptcy law precludes that from happening. The good news is that with the airline continuing to operate at least they have jobs. Mid-March is the timescale for the airline to come out of Chapter 11.
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