P.M. BRIEFING : Icahn Wants More Concessions
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ST. LOUIS — Trans World Airlines Inc. Chairman Carl Icahn said he will buy new jetliners and expand the carrier’s operations if TWA pilots agree to $80 million in wage concessions, it was reported today.
Icahn said he needs the concessions because TWA lost more than $200 million in 1989, the St. Louis Sun reported in today’s editions. With the lower pilot pay and other savings, he said, the airline could break even in 1990.
Icahn said that if the pilots reject the concessions, he will step up plans to sell more of the airline’s assets, including marginally profitable routes and some aircraft.
Icahn has asked the airline’s 3,500 pilots to take a 10% wage cut, give up vacation days and make concessions in their retirement benefits--all worth about $80 million.
The request comes three years after the pilots made concessions that totaled $500 million.
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