United Airlines' three-year bankruptcy restructuring, the largest and longest in the industry's history, will end up costing the carrier more than $335 million in fees to lawyers and consultants, court documents show.
The fees include $99.8 million charged by the airline's lead law firm during the 38-month process, Chicago-based Kirkland & Ellis LLC, pending formal approval by U.S. Bankruptcy Court.
United emerged from Chapter 11 bankruptcy on Feb. 1. It still has yet to make a profit in nearly six years.
A spokeswoman for United parent UAL Corp., Jean Medina, said Thursday that the heavy expenses were necessary. She noted that the Elk Grove Village, Ill.-based company reduced annual costs by $7 billion and debt by $13 billion in the restructuring.
"United's bankruptcy was unique in its size and complexity, requiring specific legal, management and consulting needs," Medina said.
Forbes
The fees include $99.8 million charged by the airline's lead law firm during the 38-month process, Chicago-based Kirkland & Ellis LLC, pending formal approval by U.S. Bankruptcy Court.
United emerged from Chapter 11 bankruptcy on Feb. 1. It still has yet to make a profit in nearly six years.
A spokeswoman for United parent UAL Corp., Jean Medina, said Thursday that the heavy expenses were necessary. She noted that the Elk Grove Village, Ill.-based company reduced annual costs by $7 billion and debt by $13 billion in the restructuring.
"United's bankruptcy was unique in its size and complexity, requiring specific legal, management and consulting needs," Medina said.
Forbes
