Final Hearings Much Smoother Than Expected
Barring a last minute surprise, it looks like Friday will be the day United executives will finally be able to utter the words they've waited three years to say: goodbye, Chapter 11.
"We're not quite to the finish line, but everybody looked at the situation and said this is essentially done," said United Airlines Chief Financial Officer Jake Brace, after Wednesday's court hearing that resolved the last of the objections to the carrier's plan to emerge from bankruptcy.
At the end of the hearing, Bankruptcy Judge Eugene Wedoff hinted he would rule in favor of United's plan Friday -- as long as United swiftly amends its reorganization plan to reflect the objections.
"All we really need to do now is document the changes," Brace said. "It seems pretty clear that if we do that and show up on Friday, the judge will confirm the plan."
If Wedoff does give his approval Friday, United would exit bankruptcy on February 1 -- thus putting an end to the longest, costliest bankruptcy in the history of US airlines, according to the Rocky Mountain News.
While the decision would technically still allow some groups to appeal the judge's ruling, it appears unlikely they will do so -- especially as United executives were on the receiving end of congratulatory handshakes from many of the attorneys representing the airlines' creditors.
Aero-News Network
Barring a last minute surprise, it looks like Friday will be the day United executives will finally be able to utter the words they've waited three years to say: goodbye, Chapter 11.
"We're not quite to the finish line, but everybody looked at the situation and said this is essentially done," said United Airlines Chief Financial Officer Jake Brace, after Wednesday's court hearing that resolved the last of the objections to the carrier's plan to emerge from bankruptcy.
At the end of the hearing, Bankruptcy Judge Eugene Wedoff hinted he would rule in favor of United's plan Friday -- as long as United swiftly amends its reorganization plan to reflect the objections.
"All we really need to do now is document the changes," Brace said. "It seems pretty clear that if we do that and show up on Friday, the judge will confirm the plan."
If Wedoff does give his approval Friday, United would exit bankruptcy on February 1 -- thus putting an end to the longest, costliest bankruptcy in the history of US airlines, according to the Rocky Mountain News.
While the decision would technically still allow some groups to appeal the judge's ruling, it appears unlikely they will do so -- especially as United executives were on the receiving end of congratulatory handshakes from many of the attorneys representing the airlines' creditors.
Aero-News Network