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NEWS
By NEW YORK TIMES NEWS SERVICE | December 8, 2002
CHICAGO - United Airlines worked with four lenders yesterday to determine the final details of a $1.5 billion financing plan that would help it operate under bankruptcy protection, even as its board met here to review how to go forward with a significant restructuring. United, the world's second-largest airline, is expected to file for bankruptcy court protection from its creditors as early as today, depending on how quickly it takes care of last-minute financial details. The $1.5 billion in debtor-in-possession financing - from Citigroup, J.P. Morgan Chase, Bank One and the lending arm of General Electric - would give United enough cash to keep flying at least in the short run. United could draw on half of the loan immediately, and the lenders would get first claim on the airline's assets, before other creditors.
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BUSINESS
By MARK SKERTIC and MARK SKERTIC,CHICAGO TRIBUNE | January 21, 2006
CHICAGO -- Three years after United Airlines announced it was embarking on a period of "profound and agonizing change," the bankruptcy reorganization plan for the nation's No. 2 carrier won court approval yesterday. And it was agonizing: More than 25,000 workers lost jobs, those remaining suffered huge wage and benefit cuts and shareholders watched their stock become worthless in the longest and most expensive airline bankruptcy in history. Despite the pain, "I think there is a reason to feel good about this plan," U.S. Bankruptcy Court Judge Eugene R. Wedoff said in making his ruling.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | January 1, 2005
The government moved in bankruptcy court late Thursday to oppose an agreement that United Airlines recently struck with its pilots union on the looming termination of the pilots' pension plan. In a motion filed in federal bankruptcy court in Chicago, the Pension Benefit Guaranty Corp. accused United of attempting to circumvent the federal pension law with the agreement, and of offering its active pilots relief "at the expense of the federal government, its other employees and creditors."
BUSINESS
By Robert Manor and Robert Manor,CHICAGO TRIBUNE | July 30, 2004
The International Association of Machinists and Aerospace Workers sued three top United Airlines executives yesterday, saying their decision to stop funding pension plans violates their responsibility to employees. The airline, meanwhile, released financial figures for the second quarter showing that, although it is still losing money, it sharply cut its losses compared with the corresponding period a year ago. Last week, United announced it would not make any payments to its underfunded pension plans while it remains in Chapter 11 bankruptcy.
BUSINESS
By Melissa Allison and Melissa Allison,CHICAGO TRIBUNE | September 17, 2004
CHICAGO - United Airlines said yesterday that it needs to shave about $500 million more in costs over what it announced just two weeks ago. The carrier has not decided where it will make the additional cuts, spokesman Jeff Green said. The disclosure came in a filing to update a U.S. Bankruptcy Court judge on the airline's status for a hearing today. "We haven't been advised of any new cost-cutting programs by United Airlines," said Joseph Tiberi, a spokesman for the International Association of Machinists and Aerospace Workers.
BUSINESS
By Paul Adams and Paul Adams,SUN STAFF | December 16, 2002
Last summer, a bankrupt US Airways Group Inc. wowed airline analysts with a recovery plan that seemed likely to lift the troubled carrier out of a financial hole made deeper by its failed merger with United Airlines and the Sept. 11 terrorist attacks. But recent setbacks suggest elements of the Arlington, Va.-based airline's bankruptcy recovery plan may be in trouble as travelers book fewer trips. United's own bankruptcy, filed just last week, could shrink the benefits of a code-share alliance between the two carriers that was supposed to net US Airways $150 million in additional revenue annually.
BUSINESS
By THE DALLAS MORNING NEWS | February 18, 2005
DALLAS - In bankruptcy for two years, United Airlines has a new role in mind if it can reorganize: industry consolidator. Taking cues from the telecommunications industry, the money-bleeding airline business needs to consolidate to regain its health, Glenn F. Tilton, chairman and chief executive of United parent UAL Corp., told investors in New York yesterday. Look for his carrier to act, he said. "For the industry to get to a position where it can genuinely make some progress through the current level of dysfunctionality, there need to be fewer network legacy carriers," he said at the J.P. Morgan Airline Conference.
BUSINESS
By Suzanne Wooton and Suzanne Wooton,SUN STAFF | October 4, 1995
A takeover of USAir by United Airlines would face monumental financial and legal hurdles and, if successful, could trigger a domino effect with other airlines scrambling to protect themselves by consolidating, analysts and industry experts said yesterday.Compared with recent mega-deals in the telecommunications industry, a merger between Arlington, Va.-based USAir and United might look minuscule. But it would get far more scrutiny from the U.S. Justice Department's antitrust division because of its implications for the traveling public.
NEWS
By Robert Little and Rona Kobell and Robert Little and Rona Kobell,SUN STAFF | May 24, 2000
US Airways, the nation's sixth-largest airline and the dominant carrier in the Baltimore-Washington market, has agreed to be purchased by industry giant United Airlines, in a deal that would further expand the country's largest carrier and tighten its grip on the Northeast market. US Airways officials told the heads of the airline's employee unions yesterday evening that United plans to buy the Arlington, Va.-based carrier, according to a source who attended the meeting and spoke only on condition of anonymity.
BUSINESS
January 7, 1993
United Airlines to lay off 2,800United Airlines said yesterday that it would lay off 2,800 employees, cut executive salaries by 5 percent and seek union concessions in the latest round of cutbacks in the money-losing airline industry.United also announced a hiring freeze and said it would reduce its schedule of domestic flights and cancel plans for some new XTC international routes.@
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