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Tue, Jun 08, 2004

UAL Wants Out Of Bankruptcy In Fall

Says Exit Depends On ATSB Funds

United Airlines has asked a federal judge for more time -- three months more, to be specific -- so it can finalize and present its financial reorganization plan to stockholders.

Originally, United said it would emerge from Chapter 11 bankruptcy over the summer. But the airline is still looking for about $1 billion from the Air Transportation Stabilization Board. That's money that House Aviation Subcommittee Chairman John Mica (R-FL) says probably won't be forthcoming.

In its Friday filing with the Chicago federal court, United said, "a projected exit (from Chapter 11) during the fall is a more realistic possibility, although the exact timetable will not crystallize until the ATSB reaches a decision."

UAL, the world's second-biggest airline behind American, filed for bankruptcy in December 2002, predicting at the time it would need about 18 months to get its financial act back together. But so far, Washington has refused to part with the ATSB money United says it needs to regain its feet.

FMI: www.ual.com

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