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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Elroy Jetson who wrote (15201)	11/9/2004 10:33:14 AM
From: mishedlo	Read Replies (1) \| Respond to of 116555

BritishAirways says US bankruptcy laws are state aid by the back door LONDON (AFX) - British Airways PLC has attacked US bankruptcy procedures, widely used by the American airline industry, as being another form of state aid, the Financial Times reported. The airline said US carriers operating in or close to bankruptcy were cutting fare levels aggressively on north Atlantic routes to generate emergency short-term cash. Martin Broughton, BA chairman, said that in the US 'the walking dead' carriers, which had been forced to seek protection from their creditors, were being 'propped up by the palliative care of Chapter 11'. [...] Rod Eddington, BA chief executive, said Chapter 11 was 'state aid in another form . . . UAL is talking of walking away from its pensions obligations. We have increased our pensions commitments (in 2004) by 134 mln stg a year,' he is reported as saying. [...] uk.biz.yahoo.com