http://www.thestreet.com/story/10455678/1/continental-pilots-say-no-deal-on-pay-benefits.html?cm_ven=GOOGLEFIHOUSTON -- The pilots' union at Continental Airlines (CAL Quote - Cramer on CAL - Stock Picks) said Wednesday they have reached tentative agreements on parts of a new contract but not on major issues including pay and benefits.
The union and the company have been negotiating since July 2007 on a deal to update the current contract, which became amendable on Wednesday.
The union wants to recover wage concessions made in 2005, which it estimated at more than $200 million per year.
Under federal law, labor contracts in the airline industry don't expire, and there are legal obstacles before workers can legally go on strike.
Continental has nearly 5,000 pilots, who are represented by the Air Line Pilots Association. Union officials said they have agreements on eight sections of the contract but dozens more are unsettled.
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