http://www.cbsnews.com/stories/2004/06/28/national/main626381.shtml?cmp=EM8705United Airlines would be within its rights to terminate its employee pension plans but hasn't yet decided to do so, an attorney for the carrier said Friday, as two unions urged a judge to block a financing plan they say is predicated on the airline halting fund contributions.
The hearing came a day after the release of court papers in which United warned it "likely" will have to end those pension funds in order to secure the loans it needs to get out of bankruptcy.
Such a default by the nation's second-largest airline would affect about 119,000 employees and retirees and be the largest ever by a U.S. company.
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"We understand the stress and concern this has imposed on our employees and retirees," Sprayregen told U.S. Bankruptcy Judge Eugene Wedoff. "However, we believe we would be doing the court and our constituents a disservice if we didn't communicate where we are in our thinking."
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doesn't he talk nice as he shafts the workers.