USAir unions to submit planA coalition representing...

BUSINESS DIGEST

June 10, 1994

USAir unions to submit plan

A coalition representing unionized workers at USAir Group Inc. expects to submit a restructuring plan to the airline's management within two weeks, a union spokesman said yesterday.

Union officials representing USAir's pilots, flight attendants, machinists and dispatchers met yesterday in Pittsburgh to discuss strategy and review analyses by their financial advisers.

The proposal will include a complete financial analysis of the troubled carrier and a plan to stem huge losses plaguing the Virginia-based carrier, a spokesman for the USAir unit of the Air Line Pilots Association said.

Teamsters cut bureaucracy

The Teamsters union's governing board abolished its four regional "area conferences" yesterday, eliminating a level of bureaucracy that cost the financially troubled union about $15 million a year.

Teamsters officials in Washington called the decision a "major step toward democratic reform," but dissidents said it was a move to weaken opposition to President Ron Carey's policies.

Opposition leaders said they will go to federal court in New York today to seek a restraining order preventing enforcement of the vote.

Seagirt service to South Africa

The Seagirt Marine Terminal -- where growth is finally picking up this spring after a slow first three years -- is getting a new weekly container service to South Africa.

The state announced yesterday that a SafBank Line-Mediterranean Shipping Co. consolidated service will begin calling at the port's Seagirt terminal every Saturday. The new route is the port's first weekly, direct service to South Africa.

Moody's may upgrade A&A

Moody's Investors Service Inc. said it may upgrade the rating on about $115 million in preferred stock of Alexander & Alexander Services Inc., after moves by the company to name a new chairman and its agreement to a $200 million cash infusion.

Alexander & Alexander's Series A convertible preferred stock is rated "ba3," the 11th-highest of 19 ratings used by Moody's.

Earlier this week the New York-based insurance broker, which has its operations center in Owings Mills, named Travelers Inc. Vice Chairman Frank Zarb as its new chairman and chief executive. Alexander & Alexander also will sell $200 million in new stock to American International Group Inc.

N.Y. Times joins America Online

Owners of a personal computer can now use it to read the New York Times.

The New York Times Co. yesterday started an interactive news service on America Online, the nation's third-largest on-line system.

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