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Wed, Jul 14, 2004

More Cuts Coming At United

Pete McDonald: "We Need To Dig Deeper"

At least two United Airlines executives say, if their company is ever going to get out of bankruptcy, it's going to have to make deeper cuts.

"We need to dig deeper on costs and get much more efficient, and that's become even more important with competitive pressures increasing and fuel prices as high as they are," Pete McDonald, United's chief operating officer, said in a recorded telephone message to employees. The message was quoted in the Chicago Tribune.

The nation's second-largest airline is still in shock over the government's third refusal to offer loan guarantees. Already, United has announced $5 billion in annual cuts. Now, 19 months into bankruptcy, CEO Glenn Tilton says the company is going to take a "very hard look at headquarters" to find more cuts.

Although United hasn't gone back to its unions for more concessions, some analysts think the company will have to cut down its pension fund if it's going to survive Chapter 11.

FMI: www.ual.com

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