High fuel prices make it difficult to predict when United Airlines will return to profitability, but the carrier is in strong shape financially after a three-year restructuring, CEO Glenn Tilton said Tuesday on the eve of the company's exit from bankruptcy.
Until the airline industry "sorts itself out," an immediate return to profitability, which the airline predicted last fall would happen this year, should not be the primary gauge of whether United succeeded in Chapter 11 bankruptcy, he said.
"The way we want to be measured is how we perform relative to peers," Tilton told The Associated Press. "I'm confident that the work that we've done will put us in a position to have a competitive result whatever the market environment may be."
Tilton spoke in an interview at the Elk Grove Village, Ill., headquarters of United parent UAL Corp., where he has been president, chairman and chief executive since 2002. He expressed a mixture of satisfaction and "closure" as the nation's No. 2 airline prepared to emerge from bankruptcy Wednesday morning - smaller, less cost-burdened and more internationally focused than when it entered.
During nearly 38 months in Chapter 11 - more than twice as long as expected - United slashed $7 billion in annual expenditures, cut more than 25,000 jobs, eliminated its defined-benefit pensions and lowered its cost structure to try to end five years of unprofitability.
AP (via the Brattleboro Reformer)
Until the airline industry "sorts itself out," an immediate return to profitability, which the airline predicted last fall would happen this year, should not be the primary gauge of whether United succeeded in Chapter 11 bankruptcy, he said.
"The way we want to be measured is how we perform relative to peers," Tilton told The Associated Press. "I'm confident that the work that we've done will put us in a position to have a competitive result whatever the market environment may be."
Tilton spoke in an interview at the Elk Grove Village, Ill., headquarters of United parent UAL Corp., where he has been president, chairman and chief executive since 2002. He expressed a mixture of satisfaction and "closure" as the nation's No. 2 airline prepared to emerge from bankruptcy Wednesday morning - smaller, less cost-burdened and more internationally focused than when it entered.
During nearly 38 months in Chapter 11 - more than twice as long as expected - United slashed $7 billion in annual expenditures, cut more than 25,000 jobs, eliminated its defined-benefit pensions and lowered its cost structure to try to end five years of unprofitability.
AP (via the Brattleboro Reformer)