BREAKING NEWS ~ Bankruptcy judge cancels US Airways collective bargaining agreement

BREAKING NEWS ~ Bankruptcy judge cancels US Airways collective bargaining agreement

[JURIST] AP is reporting that a federal bankruptcy judge in Alexandria, Virginia, has canceled a collective bargaining agreement between US Airways and its machinists union (part of the International Association of Machinists), providing hundreds of millions of dollars in annual savings to the struggling air carrier, but forcing pay cuts for union workers ranging from 6 percent to 35 percent and the potential loss of thousands of union jobs. US Airways provides background information on its ongoing restructuring here.

11:10 AM ET – Reuters now has more.