NEW YORK (Reuters) - UAL Corp., parent of bankrupt United Airlines, said on Monday it has reached a tentative labor agreement with the union representing its mechanics.þþThe No. 2 U.S. airline is restructuring in an attempt to wring $725 million annually from its labor force to exit Chapter 11 bankruptcy protection by the end of the year.þþ``This agreement consensually achieves the cost savings United needs, while addressing AMFA's concerns over pay, job security, benefits, and work rules,'' United said in a statement.þþThe deal must be ratified by the Aircraft Mechanics Fraternal Association membership for it to be valid. United is still in labor negotiations with the International Association of Machinists and Aerospace Workers.þþUnited went to trial last week to seek permission to void collective bargaining deals with the two unions in a drive to win cost savings.þþOn Monday UAL's Chief Financial Officer, Jake Brace, said there were several options available to the airline in case of a settlement, including pursuing a verdict from the judge. þþ
Source: NY Times
