The Pension Benefit Guaranty Corp., the federal agency charged with insuring pensions, has filed an appeal to a bankruptcy court decision approving a concession deal between Delta Air Lines and its pilots. The deal would save Delta $280 million annually in wage reductions and work rule changes. Specifically, the PBGC has objected to a $650 million note promised to pilots to offset reductions in retirement benefits should the airline terminate its pension plans as expected.
June 09, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The federal agency charged with insuring pensions has filed an appeal of a bankruptcy court decision approving a concession deal between Delta Air Lines Inc. and its pilots.
The Pension Benefit Guaranty Corp. filed an objection Wednesday to a deal that would save Atlanta-based Delta $280 million annually in wage reductions and work rule changes.
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