Now as I recall...when Air Log (a Bristow Group Company) had their last CBA fuss....there was feathers all over the place....and the company coughed up money retroactively to the end of the last CBA. That is not an unusual demand I would think....the CBA is a contract and does not end during negotiation but is "renewed" as they note in their June 30 SEC Form 10Q filing. If PHI in this case wishes to drag its feet for 29 months then it would seem they would have to pay up. I can assure the management that will be the Union demand.....and they will stick to it. I am sure that....oops...would assume the PHI management knows that. But then....GOM helicopter management types sometimes do the darnedest things which defy logic.
I love the argument....we compromise and we will go broke. Yeah, right!
It would appear PHI lost 2.8 Million dollars this past quarter.....after taking a 12.8 Million dollar hit for buying back debt. Thus it was really about 10 Million USD to the good before buying the notes back during the quarter and still have about 217 Million USD in cash assets.
Last edited by SASless; 16th Aug 2006 at 00:39.