Republic shares tumble after union blocks contract vote
INDIANAPOLIS (AP) — Shares of regional airline operator Republic Airways tumbled Wednesday after the Teamsters union declined to let pilots vote on the company's latest contract offer, raising the prospect of a bankruptcy filing.
In a statement, Republic CEO Bryan Bedford called the Teamsters decision against holding a vote "deeply disappointing."
Because of the "gravity of the situation," he said, the company would leave its offer on the table.