AA are desperate. Bought out by private finance in 2005, it is facing a strike because of trying to limit it's pension fund. Like many other companies it is desperate to cut costs having over leveraged it's buyout, so penny pinching is what it does.
The same has just happened to Kraft. In their over leveraged buyout of Cadbury they* failed to notice a clause in the pension fund documents which mean they can't change pension arrangements without permission from the pensioners. The Pension Fund devil has bitten their bum, just as it will bite all of ours when it's time to sort out Public Sector pensions. Happy days.
*There are probably several Merger & Acquisition lawyers and bankers missing at the moment. Think twice before eating those Fruit and Nut bars, you don't know where the bodies went......
