United: Out of bankruptcy by fall?
United Airlines will be out of Chapter 11 protection by the fall, suggested CEO Glenn Tilton.
United has lost more than $4 billion since entering bankruptcy in late 2002 but it is emerging “as a different company,” Mr Tilton told the Chicago Tribune.
Airline employees have accepted $2.56 billion in concessions. United also has won court approval for another three months to file its reorganization plan. The airline is seeking final cuts from labor and attempting other restructuring agreements.
Mr Tilton says the airline has used its time in bankruptcy to become more competitive with rivals. He says the airline is in better shape than ever to compete with such initiatives as delta’s “Simplifares.”
He said:
“We’re in better shape because over the last two years we’ve learned this is not a short-term phenomenon, and we’re going to have to compete on the basis of fare-value for business.”
Report by David Wilkening
David
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