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IN BRIEF / AIRLINES

United Files New Loan Guarantee Application

October 24, 2002|Reuters

United Airlines said it refiled its application with the government for a $1.8-billion loan guarantee after wringing more concessions from its labor unions.

United, a unit of UAL Corp., hopes that its target of $5.8 billion in wage and other concessions over 5 1/2 years, as well as other austerity measures, will be enough to sway the three-member Air Transportation Stabilization Board.

The board, which has not taken any formal action on United's application, told the carrier its initial cost-saving measures were insufficient for loan guarantee approval.

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