Chief executives of major U.S. airlines were reaching out to key members of Cong...
WASHINGTON/CHICAGO - Chief executives of major U.S. airlines were reaching out to key members of Congress on Saturday in a last-ditch uphill effort to try to win cash grants to weather the coronavirus crisis, warning that the consequences if they did not receive help could be dire, two people briefed on the calls said.
Unions representing workers in different parts of the aviation industry were also making final pleas, with the head of the International Association of Machinists and Aerospace Workers asking Congress in a letter on Saturday to “backstop” the airlines with direct aid for paychecks. Airline officials said privately they face an uphill battle in the face of “anti-bailout” sentiment among some lawmakers.
They promised that if they get $29 billion in cash grants they will not cut their workforce before August 31 and agreed to accept limits on executive compensation and eliminate stock buy-backs and dividends over the life of the loans.“We respectfully urge Congress not to pursue opportunistic measures that will hurt, not help our ability to recover,” they wrote.
“The breadth and immediacy of the need to act cannot be overstated. It is urgent and unprecedented,” they wrote.
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