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MINNEAPOLIS (AP) - The three biggest unions at Northwest Airlines Corp. objected to its reorganization plan on Monday, saying its plan to give executives almost 5 percent of the company is too expensive.
The objections came just as unsecured creditors wrapped up voting on the plan, although results of the vote weren't expected immediately. At Delta Air Lines Inc., results weren't known for a week after the creditor vote on its Chapter 11 case ended.
The union objections came in response to Northwest's disclosure on Friday afternoon that Chief Executive Doug Steenland would get $26.6 million in restricted shares and options after the carrier exits bankruptcy protection. The company had previously disclosed that its top 400 executives would get almost 5 percent of the company, but Friday was the first time it said how much Steenland would get.
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