Ual Is Getting Attractive To Others

[North by Northwest]

"In a court filing Friday, the airline's creditors committee said it didn't object to giving UAL's current management an extension until Sept. 1 for exclusive rights to file a financial reorganization plan for UAL.

But the committee said it did not agree with the implication that there were no other qualified parties interested in submitting alternate plans of reorganization."

The creditors are saying ENOUGH with the extentions already! If the Oil boys can't exit in Sept. time to move on (to others).

The franchise is more valuable to investors if it is broken up and sold off to the highest bidder...i.e TWA = London = Icann. Pan Am = Pan Am Building/ Inter-Continental chain/ Pacific Division/ Heathrow/ German Shuttle.

The entity will not bring enough of a return for investors to keep it together (they can make more money by auctioning off parts of it). These people don't care about employees. They are after MONEY...sadly. They would and will (if given a chance in Bankruptcy) do the same thing to Northwest or any other carrier wtih a valuble asset.

Cal survived ONLY because of canalbalizing Eastern Airlines...That gave Gordan fighting chance. Very different scenario here.

 

[Fly]

Wishful thinking!

 

[North by Northwest]

Wishful thinking!

[post="276993"][/post]​

As will yours be in Sept. if Ual doesn't exit on time this round. Finally, the jig is up dearie...The endless extention "plan" has run it's course.

 

[Fly]

Oh, don't get me wrong. I believe they will either exit or someone will take it over...I just don't believe they will break it up. THAT is wishful thinking on your part though, isn't it?

 

[North by Northwest]

Why the heck would I be happy for the break up of United? Were you praying for the beak-up of Pan Am so that you could fly THEIR routes (the ones Pan Am PIONEERED?) I just want them out of bankruptcy. The bankruptcy has NEGATIVELY impacted the entire industry. Ual's house had better be in order in Sept. or there may not be a break up, but a liquidation. It will not be pretty if outside investors get their hands on Ual...that has NEVER turned out nice. Lorenzo, Icann, Checchi/Wilson...and the list goes on. These "investors" will make the pain of your present pay cuts seem like a pleasent experience.

 

[Fly]

Again.......wishful on YOUR part. Too bad it won't happen the way you want it to.

 

[North by Northwest]

I see you can't come up with a meaningful answer. Indicative of your false sense of reality. How's the weather up their?

 

[USA320Pilot]

It's my understanding the AP story on prospective outside buyers for United Airlines is not accurate. United's comment that "it wasn't aware of any competing plans being put forward" is accurate because at this point there are no other interested parties.

In my opinion only, the creditors committee may "not agree with the implication that there were no other qualified parties interested in submitting alternate plans of reorganization", but at this point nobody has steeped forward a competing plan of reorgnaization. Thus, the creditors committee may be trying to "shake the trees" to see if there is any interest. Moreover, I understand nobody else has reviewed United's business plan, contacted the Debtors, or notified the bankruptcy court of their interest in providing a competing POR.

It may be in the employees and other stakeholders best interest's to not have a competing bid, which could be from a corporate raider like Marvin Davis, Carl Icahn, or others. Employees may not like Glenn Tilton, but he rejected US Airways' UCT and ICT attempt and is trying to keep the company intact.

Regards,

USA320Pilot

 

[UnitedChicago]

If you all recall, TPG was poking around back in winter of 2003 while labor and management were posturing for the first round. They floated a plan to the IAM if I recall that involved shrinking United approximately 20% domestically.

Not to say they wouldn't see it the same way - but how much did UA shrink domestically - was it 16%?

 

[UnitedChicago]

Another question...I though Greenwald was a strong leader. I recall he put a lot of effort towards strengthening the balance sheet when he arrived.

Then dumb ass Goodwin screwed it all up. Well he had help

 

[novaqt]

David Bonderman is a part of the Texas Pacific Group out of Dallas-Fort Worth. They invested in America West and, I believe PGE.

 

[jimntx]

For those who would prefer the devil they know (Tilton) vs the devil they don't know (Bethune/TPG/whoever)...

Remember, if you do what you've always done, you will get what you have always gotten. More of the same old, same old will not save United. Something beside employee pay rates has to change. Pay rates have been changed 3(?) times now, but UAL is still in BK.

Bethune is a good guy, and he knows the airline business. Having a number of friends who are employees of CO, I know that he is highly thought of by the employees. That is not exactly UAL's labor-management history (or AA's for that matter).

 

[Fly]

Pay rates have been changed 3(?) times now, but UAL is still in BK.

[post="277132"][/post]​

2

 

[JAMAKE1]

I am going to chime in here and say that although Tilton angered the unions, I still think he has been the most competent CEO that UAL has had during my tenure (10 years). Being on the labor end of things and having to take two rounds of paycuts and workrule concessions does indeed hurt, but I think that Tilton has done a good job of steering United during the course of bankruptcy.

Of course, it's not over yet, but I think that leading a company the size and breadth of United during Chapter 11 proceedings is not an easy feat. I am not too sure any other CEO could have done it better. Personally, I have been encouraged by some of the initiatives that have been introduced under Tilton's reign, including the highly regarded p.s. transcon service, a focus on international route expansion, and yes, even TED. Hopefully, the diverse portfolio of United products targeted to specific markets will prove successful upon bankruptcy emergence.

So many on these boards seem to think that 3 years in bankruptcy is wrong. If I were leading a company the size and scope of UAL, I too would want to use the process of Chapter 11 to the fullest means possible. I don't see anything wrong with that. Comparing the duration to say, America West, is like comparing apples and oranges, in my opinion. They are a fraction of UAL's size. I think that using the law to the fullest extent possible was more prudent than having to revisit bankruptcy a short time later, such as USAirways has done.

Furthermore, having had no previous airline experience himself, I am encouraged by the fact that Tilton has assembled an executive team of seasoned airline executives, such as John Tague and several others from American Airlines. Personally, I am not so quick to write off Glenn Tilton just yet.

 

[avek00]

I am.

He's done an admirable job of stabilizing United, but hasn't a clue on how to actually EMERGE the company from bankruptcy. For all of the hoopla, he has failed to get ONE investor to publicly back United's exit from insolvency. Not to mention, of course, that United is STILL a money-losing operation after making a mockery of the bankruptcy laws.