United’s Machinists Union Ratifies Contract

United Airlines’ machinists union said its members had ratified a new collective bargaining agreement, concluding the bankrupt carrier’s contentious effort to cut costs from its largest labor group.

With the ratification, each of United’s six unions has agreed to new contracts, resulting in $700 million in annual labor savings. It clears the way for UAL Corp.’s United to file a reorganization plan with the U.S. Bankruptcy Court.