Home Business US dockworkers union files for bankruptcy: International Longshore and Warehouse.

US dockworkers union files for bankruptcy: International Longshore and Warehouse.

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US dockworkers union files for bankruptcy: International Longshore and Warehouse.

The International Longshore and Warehouse Union (ILWU), which represents U.S. dockworkers, has filed for Chapter 11 bankruptcy protection in order to settle a pending litigation with the Oregon affiliate of the International Container Terminal Services Inc (ICTSI). The union has listed its assets and liabilities in the range of $1 million to $10 million. ILWU International President Willie Adams stated that the union can no longer afford to defend against ICTSI’s litigation tactics and intends to use the Chapter 11 process to find a resolution.

According to a report by the Wall Street Journal, the union has been facing accusations that it illegally slowed down operations at the Port of Portland over several years when it was operated by an ICTSI affiliate. The ILWU plans to file customary “First Day” motions with the court to maintain its cash management system during the reorganization process. In August, the union ratified a six-year contract that improved pay and benefits for 22,000 employees at 29 ports in the United States.

It is important for the ILWU to resolve the litigation with ICTSI’s Oregon affiliate in order to protect the union’s financial stability and continue its work for its members and the community. By filing for Chapter 11 bankruptcy protection, the ILWU aims to implement a plan that will bring the matter to a resolution. However, ICTSI has not yet responded to the union’s request for comment regarding the bankruptcy filing.

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