Ual Gets More Time!

Dizel8

Senior
Sep 9, 2002
498
0
Judge extends exclusivity for UAL reorganization

--------------------------------------------------------------------------------

http://yahoo.reuters.com/newsArticle.jhtml...storyID=8268854





CHICAGO, April 22 (Reuters) - United Airlines (UALAQ.OB: Quote, Profile, Research) , on Friday won federal bankruptcy court approval to extend until July 1 its right to file its bankruptcy reorganization plan without interference from other parties.

The current exclusivity period for United Airlines' parent company UAL Corp. is due to expire on April 30. The No. 2 U.S. carrier, in bankruptcy since December 2002, has been given previous extensions.

"The reasons advanced by the debtor for exclusivity are legitimate reasons," said U.S. Bankruptcy Court Judge Eugene Wedoff. "It is premature to allow competing plans to be filed."

The airline has said it needs more time to push through cost-cutting initiatives. UAL needs to to secure $725 million in annual labor savings to exit Chapter 11. United, along with the rest of the the airline industry, has been battered by soaring fuel costs, weak revenue and low fares resulting from competition with lower-cost rivals.
 
I'm sorry, but I need to ask if this judge is being paid by the hour?
 
hp_fa said:
I'm sorry, but I need to ask if this judge is being paid by the hour?
[post="263968"][/post]​


How long was America West's Bankruptcy in 1991? I just read in another article that it lasted until 1993. :rolleyes:
 
767jetz said:
How long was America West's Bankruptcy in 1991? I just read in another article that it lasted until 1993. :rolleyes:
[post="264002"][/post]​

Glenn Tilton appears to have no intention of exiting chapter 11 protection.
He has found a new power with the chapter 11 court which is a 100lb jackhammer which he is using gleefully to bust up organized labor.

If I was Tilton I would try to remain in chapter 11 indefintely because the BK judge has written him a blank check to destroy the standard of living for ALL airline employees.
 
Glenn Tilton will stay in bk as long as fuel is high and the judge and creditors don't have a problem with it. He clearly stated at the beginning of this process that the easiest way to destroy labor was in BK, seems like he is a man of his word.