UAL modifies bond, stock issuesUAL Corp., the parent of...

BUSINESS DIGEST

July 01, 1994

UAL modifies bond, stock issues

UAL Corp., the parent of United Air Lines, sold $1.15 billion in bonds and preferred stock yesterday, after being forced by reluctant investors both to raise interest rates and to cut the amount of preferred stock being sold.

As a result of the shortfall, the company has said it will contribute $300 million from its cash holdings to shareholders if they approve a sweeping reorganization giving employees majority control of the airline in return for wage and benefit concessions.

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