The last ditch effort (USA Today Article)

Taipan

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Aug 20, 2002
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United, employees plot future
In Chicago Thursday, United CEO Glenn Tilton met with union leaders to lay out the painful choices and likely next steps. Thursday evening, union officials were meeting to discuss whether to make a last-ditch offer of more employee concessions — $8 billion to $9 billion total — to bolster United''s application and appeal the government''s decision.
Even if there were the will to make billions of dollars more in cuts and rework the application, time is short. By Thursday, $875 million in debt comes due.
Union officials were grim — and bitter.
I don''t care what anyone says — a United bankruptcy would be a victory for terrorism, said Herb Hunter, a senior pilot and spokesman for the Air Line Pilots Association. We''re still talking about our options. It''s not over till it''s over.
 

The Ronin

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Sep 17, 2002
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And before you even start...mechanics, whats left of them, back to $25/hr...ramp back to $15/hr and we can all pretend that the last 8 yrs never existed...see, it's all better huh GWB
 

The Ronin

Senior
Sep 17, 2002
497
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And before you even start...mechanics, whats left of them, back to $25/hr...ramp back to $15/hr and we can all pretend that the last 8 yrs never existed...see, it's all better huh GWB
 

delldude

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Oct 29, 2002
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from what i read,their plan to show a profit was severely lacking...didn't seem too concerned about the extent of concessions.merely UAL proof as to the profit margin they expect over the next 5 or so years didn't jibe with ATSB figures.
 

delldude

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Oct 29, 2002
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from what i read,their plan to show a profit was severely lacking...didn't seem too concerned about the extent of concessions.merely UAL proof as to the profit margin they expect over the next 5 or so years didn't jibe with ATSB figures.
 

wts54

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Sep 16, 2002
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www.usaviation.com
7:05AM UAL Corp may begin bankruptcy proceedings as early as Sunday (UAL) 1.00: The Wall Street Journal reports that UAL directors meet Saturday and may decide to begin bankruptcy proceedings as early as Sunday or Monday; airline is close to reaching agreement with its banks on a $1.5 bln financing package that would allow it to continue flying after filing under Chapter 11.
 

wts54

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Sep 16, 2002
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www.usaviation.com
7:05AM UAL Corp may begin bankruptcy proceedings as early as Sunday (UAL) 1.00: The Wall Street Journal reports that UAL directors meet Saturday and may decide to begin bankruptcy proceedings as early as Sunday or Monday; airline is close to reaching agreement with its banks on a $1.5 bln financing package that would allow it to continue flying after filing under Chapter 11.
 

JI Guy

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Aug 20, 2002
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I second that folks...This is not a game of chicken anymore...the BK judge is grabbing the wheel now! Good luck to all of you...you will need it Im sure...
 

JI Guy

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Aug 20, 2002
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I second that folks...This is not a game of chicken anymore...the BK judge is grabbing the wheel now! Good luck to all of you...you will need it Im sure...
 

wts54

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Sep 16, 2002
374
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www.usaviation.com
The Associated Press cited sources close to United as saying the company would go to court on Sunday.

The company is working to secure debtor-in-possession financing of $1.5 billion to get it through the bankruptcy process, but the terms may be more severe than they would have been if United had filed earlier when it had more cash. The U.S. government rejected the carrier's application for a $1.8 billion loan guarantee on Wednesday, all but assuring bankruptcy.

"They should have filed back in September," said Bill Brandt, CEO of Development Specialists Inc., a bankruptcy and restructuring firm.

A United spokesman declined to comment on the report that the company would file Sunday.
 

wts54

Senior
Sep 16, 2002
374
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www.usaviation.com
The Associated Press cited sources close to United as saying the company would go to court on Sunday.

The company is working to secure debtor-in-possession financing of $1.5 billion to get it through the bankruptcy process, but the terms may be more severe than they would have been if United had filed earlier when it had more cash. The U.S. government rejected the carrier's application for a $1.8 billion loan guarantee on Wednesday, all but assuring bankruptcy.

"They should have filed back in September," said Bill Brandt, CEO of Development Specialists Inc., a bankruptcy and restructuring firm.

A United spokesman declined to comment on the report that the company would file Sunday.
 

MCORORES

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Aug 19, 2002
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Let me tell you all something...I know times are rough for UA but you do not want BK. I do work for US and with being in BK is the most miserable working experiance I have had to endure to date. I know there is a lot of anger and frustration due to past events, believe me....I still have the same anger from the 90s, if UA goes into chapter 11, all bets are off. You basically have little say in what happens. Good luck to all of you over there at UA.
 

MCORORES

Senior
Aug 19, 2002
317
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www.usaviation.com
Let me tell you all something...I know times are rough for UA but you do not want BK. I do work for US and with being in BK is the most miserable working experiance I have had to endure to date. I know there is a lot of anger and frustration due to past events, believe me....I still have the same anger from the 90s, if UA goes into chapter 11, all bets are off. You basically have little say in what happens. Good luck to all of you over there at UA.