American Airlines Group Inc (NASDAQ:AAL) reportedly disclosed that the pilot union postponed the ratification vote for a tentative agreement indefinitely.
The voting on the current deal was set to commence on Monday for American’s pilots.
As per the union, the voting will occur “at a date and time to be determined,” reported Reuters.
Last week, AAL agreed to increase its pilot contract offer by over a billion dollars, aligning it with a tentative agreement reached by competitor United Airlines Holdings Inc (NASDAQ:UAL) and its pilots.
The revised offer from American Airlines would elevate the value of the four-year offer to approximately $9 billion, putting it in line with United’s pay rates and covering backpay and other benefits, including sick time and life insurance.
Also Read: American Airlines Q2 Results Exceed Expectations, Raises FY23 Outlook
Price Action: AAL shares are trading lower by 1.24% at $16.67 premarket on the last check Tuesday.
