American strikes labor deal avert bankruptcy hint
American Airlines reached tentative cost cutting accords with pilots flight attendants and mechanics to avoid Chapter 11. Ratification by union members will start soon while executives seek additional financing and supplier concessions amid industry downturn and Iraq war fears.
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Luby's to close about fifty Texas restaurants
Luby's Inc plans to close about 50 underperforming restaurants over two years to focus on Texas markets and return to profitability. The San Antonio firm expects to operate around 140 outlets, mostly in Texas, with proceeds from property sales used to reduce debt and fund closures.
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Reliant gets extension to pay 2.9 billion debt
Reliant Resources said it received a brief extension to pay 2.9 billion in bank debt tied to its February 2002 Orion Power purchase. Lenders considered a near-final deal as discussions stretched through the weekend and Monday, with rating agencies warning of possible bankruptcy if commitments waver.
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