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Monday, January 28, 2013

Union: workers would get raises in a US Air-AMR merger, (NYSE: LCC)

The Transport Workers Union of America, which represents ground workers at American Airlines, said on Monday it has reached an agreement with US Airways Group Inc and AMR Corp that would grant immediate raises of 4.3 percent for its members should a merger of the two carriers take place.The wage increase is spelled out in a memorandum of understanding (MOU) reached over the past month with representatives of senior management at US Airways and American Airlines.The memo requires court approval and would take effect should the court approve a merger of plan of reorganization for American, which sought Chapter 11 protection in November 2011, the union said.The TWU represents more than 20,000 workers at American Airlines, including flight simulator technicians, fleet service clerks, dispatchers, ground school instructors and maintenance control technicians. TWU members approved concessionary contracts with American Airlines last year.

US Airways Group, Inc. operates and owns passenger and freight airline carrier. Shares of LCC traded higher by 0.1% or $0.015/share to $14.98. In the past year, the shares have traded as low as $6.78 and as high as $15.64. On average, 6010770 shares of LCC exchange hands on a given day and today's volume is recorded at 3024258.