But the good news is that cash barely declined...
United pegs January loss at $382 million
By Susan Chandler
Tribune staff reporter
Published March 5, 2003
United Airlines lost $382 million in January, but its remaining pile of cash barely declined thanks to drastically reduced employee wages.
The Elk Grove Township-based carrier ended January with $1.78 billion in cash, down less than 2 percent from $1.81 billion on Jan. 1. That's good news for the nation's second-largest airline, which filed for federal bankruptcy protection from creditors in December.
After the filing, United's pilots, flight attendants and salaried employees agreed to temporary wage cuts to help the carrier through the immediate crisis. A bankruptcy court judge later imposed similar cuts on United's mechanics....