Republic Airways Holdings’ annual meeting was picketed by a group of union pilots as the firm announced $100 million in spending cuts.
Republic President and Chief Executive Officer Bryan K. Bedford said the company needed to make the cuts to battle rising fuel costs and increased competition, as well as appeasing investors – the company’s stock trading at record 52-week lows recently.
The cuts means the airline’s tentative order for 18 new Embraer E 190 99-seat aircraft may need to be re-considered.
Republic also has an order for up to 80 Bombardier CS300 aircraft beginning in 2015.
Bedford told shareholders the company may need to sell some equity to maintain its cash-flow demands.
The pilots outside the meeting were protesting for increased pay, better scheduling and better working conditions.