ATLANTA, Oct. 24 (AP) - Delta Air Lines Inc. and its pilots' union recessed talks Sunday without reaching an agreement on pay cuts that the company says are crucial to its effort to avoid bankruptcy.þþA spokeswoman for the union, Karen Miller, said the two sides would resume talks Monday in the Washington area.þþDelta, which is based in Atlanta, says it needs $1 billion in concessions from its pilots - roughly two-thirds of which would come from pay cuts - to avoid bankruptcy. The pilots have publicly offered up to $705 million in savings.þþOn Oct. 8, the pilots' union made a new proposal to management. It has not said if the offer includes a higher amount of concessions. However, in a regulatory filing a week later, Delta said that to date the union's ÿcounterproposals have been for substantially less than $1 billion.ÿ The company also said in the filing that the union is seeking a stock option program for pilots that involves ÿsubstantially more equityÿ than management's proposal.þþThe company and pilots had been negotiating the last several days in south Florida. þþ
Source: NY Times
