Northwest Airlines action put offNorthwest Airlines' board...

BUSINESS DIGEST

June 26, 1993

Northwest Airlines action put off

Northwest Airlines' board adjourned yesterday without making a decision on the carrier's fate and will reconvene Monday by phone. It had been expected to review a final contract offer to Northwest's pilots as well as a possible filing for Chapter 11 bankruptcy protection.

Northwest has threatened to file for Chapter 11 bankruptcy because its employees have not agreed to $886 million of wage and benefit cuts over the next three years.

Westinghouse lays off 50 in Pa.

Westinghouse Electric Corp. laid off 50 employees at its headquarters yesterday as part of a restructuring effort announced in November.

The workers include management and clerical employees. About 650 people work at the company's downtown Pittsburgh headquarters.

Eckerd to go public again

Jack Eckerd Corp. will become a public company once again through the sale of 4.5 million shares of common stock.

The Largo, Fla., chain of drugstores and photo finishing centers filed a registration statement yesterday with the Securities and Exchange Commission to sell the shares for $18 each. Eckerd didn't disclose what percentage of the company will be held by the public after the stock sale.

Pilots oppose United spinoff

The union representing United Airlines pilots warned the carrier yesterday against creating a separate nonunion airline to fly its short-haul U.S. routes. Such a move would violate the Air Line Pilots Association's contract with United, Roger Hall, chairman of the union's United chapter, said in a statement.

United said Thursday that it was considering spinning off its unprofitable short-haul routes to shareholders as an independent carrier to compete with low-cost operators such as Southwest Airlines. The company did not say it would be nonunion, but such a move would eliminate jobs at United, and the employees of the new carrier would not be covered by United's labor contracts.

No sale for the Equitable Building

A major auction of Washington-area commercial real estate failed to find a buyer for the Equitable Building at 10 N. Calvert St. in Baltimore, said David Bavar, a Timonium investor who is one of several partners who own the building.

He said the bidding did not generate an acceptable price. Auctioneer Dan DeCaro had previously said the building had been sold.

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