OREANDA-NEWS. September 04, 2015.  Southwest Airlines (NYSE: LUV) today announced that it has reached an Agreement in Principle on a new contract for the airline's 8,000-plus pilots. The agreement now heads to the Southwest Airlines Pilots' Association (SWAPA) Board of Directors which will decide whether to submit it to pilots for a vote.

The Company did not disclose the terms of the agreement.

"The process is far from complete, but we are pleased to have reached this milestone," said Vice President Flight Operations Craig Drew. "Our objective is to recognize our pilots with a rewarding contract, and I believe this agreement does that."

Members of SWAPA's Board of Directors are meeting later this month to evaluate the terms of the agreement. If they endorse the deal, a tentative agreement will be presented to pilots for a vote.