Unions back Air India finacial restructing plan

New Delhi: Twelve employees unions of Air India have backed the national carrier's financial restructing plan, a member of the airline's board of directors said on Monday. "We have received a tremendous response from the unions. They are with the plan and want to see their company do well and rise," Amit
Mitra, secretary general, Federation of Indian Chambers of Commerce and Industry (FICCI) and an independent director of National Aviation Company of India (NACIL) told IANS.
An Air India team, headed by Chairman and Managing Director Arvind Jadhav, Sunday made a presentation on the plan for financial restructuring and turnaround till 2014 2015 before the board of directors, saying that the airline will break even by 2015.
"The unions and company both agree that first the losses should be minimised and the restructuring started and then the wage issues can be taken up," Mitra added.
Under the restructuring plan, the national carrier will get working capital loans through a mix of bonds guaranteed by the government with longer tenure and bullet payments.
26/07/10 Hindustan Times

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Categories: NACIL Jul 2010