AIRLINES
From Times Staff and Wire Reports
Northwest Sets Restructuring Pacts: Northwest Airlines said it has wrapped up final agreements with lenders and employees on a package aimed at keeping the country’s fourth-largest air carrier out of bankruptcy. The restructuring would reduce costs by more than $1.2 billion over three years, set a new repayment schedule for more than $1.5 billion in outstanding obligations and give an equity stake to employees in exchange for cuts in labor costs, the airline said.
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