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CHICAGO, April 12 (UPI) -- A failure to get concessions from three groups of workers has prompted Chicago's United Airlines to try to ground its defined-benefit pension plans.
The bankrupt carrier's chief executive told a Chicago bankruptcy court after months of exploring alternatives, no other solution will save the billions that could be realized by ending pension benefits, the Tribune reported Tuesday.
The request to eliminate all defined-benefit plans, which United says will save it $645 million of the $2 billion needed in cost cuts, will be the object of a May 11 trial.
CEO Glenn Tilton said Monday the request follows failure to get concessions from flight attendants, mechanics and machinists.
United hopes to exit bankruptcy this fall, a goal it believes it can meet even if fuel remains 50 percent more expensive than it was a year ago, he said.
"We are hard at work to make certain the work we do is adequate to satisfy the lenders that the restructuring we put in place will be able to accommodate whatever the fuel price happens to be," Tilton said.
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