Company Watch - Northwest Airlines.For more company news, data and analysis, please go to: http://www.airguideonline.com/professional.htm Jul 24, 2006 Northwest Airlines appeared to reach a major breakthrough toward emerging from bankruptcy earlier this week when it secured a tentative agreement on $195 million in annual cost cuts with its flight attendants. Yesterday it reached a tentative agreement on wage and benefit reductions with its flight simulator flight simulator, device providing a controlled environment in which a flight trainee can experience conditions approximating those of actual flight. A simulator generally consists of an enclosure housing a working replica of the interior of the cockpit of an technicians, the final group of unionized workers from whom it was seeking cuts. Meanwhile, hundreds of NWA NWA Northwest Airlines (ICAO code) NWA Northwest Arkansas NWA National Wrestling Alliance NWA National Weather Association NWA National Works Agency (Jamaica) NWA Network Analyzer employees spent Tuesday and Wednesday in Washington lobbying Congress to pass legislation to save their pension plans. Jul 20, 2006 Northwest Airlines filed documents with the US Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. Tuesday related to the refinancing of $1.1 billion in existing bank obligations at more favorable terms, offering the carrier access to $250 million in incremental liquidity. NWA asked the court to allow it to convert the funds to permanent exit financing it said will secure part of the debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay needed to emerge eventually from Chapter 11 bankruptcy protection. "This proposed financing will allow Northwest to make additional progress on its goal of restructuring and recapitalizing its balance sheet by lowering its costs and improving the company's long-term liquidity," CFO See Chief Financial Officer. Neal Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. said. Jul 20, 2006 Northwest, flight attendants agree to new tentative contract. Northwest Airlines reached a new tentative agreement on wage and benefit reductions with its flight attendants yesterday, striking an accord on $195 million in annual cuts that averts a potential work action and seemingly paves the way for the carrier's eventual emergence from Chapter 11 bankruptcy protection. Jul 18, 2006 |
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