UAL Pilots Learn Details of Buyout: United...

UAL Pilots Learn Details of Buyout: United Airlines pilots take pay cuts of up to 10% and fewer vacations to help finance their $300-a-share bid for UAL Corp., the airline’s parent. The pilots would also have to work an additional five hours a month, four of them without pay. The pilots union disclosed some of the financial details of their bid in mailings over the weekend. The concessions should save around $250 million a year, enough to finance the pilots’ share of the bid. Joining the pilots in the $6.75-billion offer are United’s top management and British Airways.