United files plan to exit bankruptcy early next year
The parent of United Airlines, UAL Corporation, has filed its long-awaited reorganisation plan to take the airline out of bankruptcy.
United has been bankrupt since December of 2002 but hopes to emerge from Chapter 11 next February.
The carrier says it has proposals for $3 billion in exit funding, exceeding the $2.5 billion it had requested.
The company says the $3 billion will enable it to compete with other carriers.
The airline’s effort to stay solvent includes cost cutting to the tune of $7 billion. The airline renegotiated labour contracts, got rid of under-funded pension plans and slashed its workforce from 80,000 to 60,000.
United Chief executive Glenn Tilton told employees: “The fact that we have proposals for up to $3 billion in exit financing from four of the most prestigious financial institutions in the world is solid confirmation of the work that we have done together, and most importantly, of our ability to build on that success in the future.”
Some analysts however continued to question United’s cost projections, claiming that while it was making progress, it was still not built on a solid financial basis.
Report by David Wilkening
David
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Global tourism exceeds 1.5 billion travelers announces UN-Tourism
Qatar Airways offers reduced timetable to over 60 destinations
WTTC global tourism reached record economic impact of 11 trillion in 2025
Marginal increase for New York City tourism in 2025
Hands In, UATP join forces for airline multi-card payments