Aeromexico Possible Strike Tomorrow. Beware CZM,CUM,MEX,SJD,ACA,MZT

Mexico's biggest airline Aeromexico is negotiating with its flight attendants in an attempt to settle a contract dispute and stave off a strike threatened for midnight tonight 6/1/13. Grupo Aeromexico is offering Aeromexico attendants wage increases in line with inflation over the next three years and a 2% productivity bonus, but also requiring cheaper and more flexible contracts for new hires. Annual inflation is currently at 4.7%.
ASSA, the union representing Aeromexico's 1,380 flight attendants, opposes the new contracts, which it alleges would cut overall remuneration for new hires by 60%. It has demanded that the proposal be taken off the table.
The union had lowered its wage demand to 5% from 10% and called for a 3% bonus.
The negotiations are being overseen by the Labor Ministry, which expressed confidence that the two sides could come to an agreement.
Grupo Aeromexico Chief Executive Andres Conesa said in an interview Thursday on Mexico's Radio Formula that the new contract, which doesn't affect existing employees, is a necessary part of the offered package and key to the company's future.
Mr. Conesa acknowledged wages for new hires would be lower, but didn't say by how much, and added that the proposed contract is competitive compared with those of rival carriers in Mexico. It is also similar to contracts that Aeromexico's pilots and ground workers have agreed to.
"We're not cutting anyone's wages, this [the new contract] would be for attendants who don't currently have work," he said.
A strike at Aeromexico would ground the airline's 56 planes, and halt an estimated 300 flights a day, leaving thousands of passengers stranded.
Mr. Conesa said the economic impact on the airline would be "brutal," with losses of approximately 150 million pesos ($11.7 million) a day.
Grupo Aeromexico regional carrier Aeromexico Connect, which has around 700 flight attendants who aren't ASSA members, wouldn't be affected by a strike.

Update...As of 2am, Mexico's biggest airline Aeromexico and its unionized workers forged a last-minute accord early on Saturday to avoid a strike that could have ground some 300 flights a day, delaying a decision on a crucial sticking point.
The union known as ASSA, which represents about 1,300 Aeromexico flight attendants, had threatened a midnight strike if it did not get the 5 percent salary hike and 3 percent boost in benefits it sought. In its final offer, the airline proposed to raise attendants' salary immediately by 4.7 percent, boost benefits by 1.5 percent, and set up a committee to make a decision on the prickly issue of new employee contracts. Nearly two hours after the midnight deadline for a deal, the union announced it had accepted the proposal..