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International Consolidated Airlines Group SA’s Iberia And Unions Reach Agreement In Principle On Mediator's Restructuring Proposal-DJ

Monday, 11 Mar 2013 11:19am EDT 

Dow Jones reported that International Consolidated Airlines Group SA’s Iberia and unions reached an agreement in principle on a mediator's restructuring proposal, raising the prospect of an end to nearly a month of on-and-off work stoppages. Iberia's unions have staged 10 days of strikes since February 18, 2013 and five more work stoppages had been planned for later in March 2013. Iberia said it had been losing EUR 3 million (USD 3.9 million) per day because of the labor dispute. If approved by the unions, the plan offered by the government-appointed mediator, Gregorio Tudela, will cut the number of planned layoffs from 3,807 to 3,141 to 2,256 ground staff, 258 pilots and 627 cabin crew. The plan also includes salary cuts of 7% for ground staff and 14% for pilots and cabin crews. It would dispose some of its airplanes and cancel unprofitable routes.