Print Story: Senate may be ready to help airlines on Yahoo! NewsA key Senate lawmaker said on Tuesday he was ready to help airlines close pension gaps, as chiefs of two carriers warned that legislative action is needed soon for their companies to avert possible bankruptcy.
Sen. Charles Grassley (news, bio, voting record), the Iowa Republican who chairs the Senate Finance Committee, said he was willing to let airlines stretch out pension payments, but airlines should freeze plans so no more benefits are promised that they cannot pay.
Gerald Grinstein, chief executive of Delta Air Lines (NYSE:DAL - news), and Douglas Steenland, chief executive of Northwest Airlines, earlier told Grassley's committee that pensions covering more than 150,000 workers and retirees are unmanageable and could push each into court protection.
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