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BUSINESS
April 15, 1987
UAL Inc. Chairman Richard J. Ferris said a letter from pilots offering $4.5 billion for its United Airlines subsidiary is "unclear." In his first public statement since the offer was made 10 days ago, Ferris, in a letter to the pilots union, said the union letter making the offer was "in conflict with some of your recent statements to employees and the press."
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BUSINESS
January 22, 1996 | Times Staff Reports
Profit Airball? The nation's most ferocious airline price war, which is occurring over California's skies, will be the focus of investors' attention this week when the two combatants--Southwest Airlines and UAL Inc.--release their fourth-quarter financial results. UAL had expected its Shuttle by United, which took on Southwest in the West beginning in late 1994, to turn a profit for 1995, especially after it earned about $5 million in the third quarter.
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BUSINESS
April 27, 1987
The United Airlines Pilots Assn. said it would continue its effort to buy the carrier, despite the rejection of its $4.5-billion offer. The board of Chicago-based UAL Inc., which owns the airline, rejected the offer as "grossly inadequate" Friday. In a statement, the union called the rejection inexcusable, irresponsible and a disservice to shareholders. "The pilots are committed to this transaction.
BUSINESS
January 31, 1992 | From Times Wire Services
Ual Inc., the parent company of United Airlines reported record losses for the fourth quarter and full year, blaming the the economy, one-time costs of new labor contracts and fare wars. UAL, based in the Chicago suburb of Elk Grove Village, said its net loss of $252.6 million, or $10.69 a share, for the three months ended Dec. 31 was twice as large as its record loss of $123.5 million, or $5.66 a share, in the same period of 1990. Fourth-quarter revenue rose slightly to $2.9 billion from $2.
BUSINESS
April 22, 1987
In a letter to shareholders, directors of UAL Inc., parent of United Airlines, said they awarded the special contracts to Richard Ferris, chairman and chief executive, and seven other officials because of "potentially disturbing circumstances arising from the possibility of change in control" of the company. UAL has been the subject of takeover rumors since March.
BUSINESS
May 1, 1987 | ROBERT E. DALLOS, Times Staff Writer
The chairman of United Airline's parent company tried Thursday to make peace with the airline's pilots, who have sought to purchase the carrier for $4.5 billion, even though he said the proposal has damaged the airline. But Chairman Richard J. Ferris of UAL Inc. said at the company's annual meeting that the pilots' efforts to buy United, which UAL has formally rejected, had been taken "seriously."
BUSINESS
January 22, 1996 | Times Staff Reports
Profit Airball? The nation's most ferocious airline price war, which is occurring over California's skies, will be the focus of investors' attention this week when the two combatants--Southwest Airlines and UAL Inc.--release their fourth-quarter financial results. UAL had expected its Shuttle by United, which took on Southwest in the West beginning in late 1994, to turn a profit for 1995, especially after it earned about $5 million in the third quarter.
BUSINESS
January 31, 1992 | From Times Wire Services
Ual Inc., the parent company of United Airlines reported record losses for the fourth quarter and full year, blaming the the economy, one-time costs of new labor contracts and fare wars. UAL, based in the Chicago suburb of Elk Grove Village, said its net loss of $252.6 million, or $10.69 a share, for the three months ended Dec. 31 was twice as large as its record loss of $123.5 million, or $5.66 a share, in the same period of 1990. Fourth-quarter revenue rose slightly to $2.9 billion from $2.
BUSINESS
April 7, 1987 | ROBERT E. DALLOS
UAL Inc. said late Monday that a proposal by pilots to purchase its United Airlines subsidiary "raises a number of serious issues," among them the huge debt the airline would take on as an independent company. UAL, whose name will be changed to Allegis Corp. if shareholders approve on April 30, said that if the pilots' union can finance the $4.5-billion offer it made Sunday, it would commit the airline to a level of indebtedness equal to 90% or more of its total capitalization.
BUSINESS
April 16, 1987 | ROBERT E. DALLOS, Times Staff Writer
United Airlines' machinists union said in a letter released Wednesday that it has all but decided against participating in a bid by United's pilots to buy the airline for $4.5 billion. "We have many problems and reservations with your proposed purchase of United Airlines and do not feel our participation would be in the best interest of our membership," Robert F. Peterpaul, general vice president of the International Assn. of Machinists and Aerospace Workers, said in the letter.
BUSINESS
January 26, 1990 | DENISE GELLENE, TIMES STAFF WRITER
The board of UAL Corp., parent of United Airlines, directed its advisers on Thursday to explore the possible sale of a 75% stake in the company to unions representing the airline's pilots, flight attendants and machinists. But it also invited other acquisition offers--including that of former suitor Marvin Davis of Los Angeles. The board, under pressure to boost UAL's stock price, instructed its legal and financial advisers to study a possible recapitalization of the company as well.
BUSINESS
September 27, 1989 | DENISE GELLENE, Times Staff Writer
The chairman of British Airways said Tuesday he is confident that the airline's $750-million investment in UAL Corp., the parent of United Airlines, will receive U.S. regulatory approval. Speaking at a press conference in London, British Airways Chairman John King said the deal was structured to comply with rules that limit foreign ownership of U.S. airlines. "I don't believe it poses any major problems for the U.S. regulatory authorities," he said. British Airways is backing the $6.
BUSINESS
September 9, 1989 | DENISE GELLENE, Times Staff Writer
Amid rumors about possible competing bidders, Los Angeles investor Marvin Davis said Friday that he signed a confidentiality agreement with UAL, the parent of United Airlines, allowing him to review the airline's financial documents. Shares of UAL continued to decline Friday, closing at $280.25, down $1.50, in moderate trading on the New York Stock Exchange. Traders blamed the decline on rumors a large UAL shareholder, New York financier Saul P.
BUSINESS
September 7, 1989 | DENISE GELLENE, Times Staff Writer
Stephen M. Wolf, chairman of UAL Corp., the parent of United Airlines, met with Transportation Secretary Samuel K. Skinner in Washington on Wednesday in an effort to win support for a $6.5-billion employee-management buyout. A Transportation Department spokesman described the meeting as a "listening session" and said Skinner made no commitments to Wolf. Skinner has said he is concerned that debt-financed airline buyouts could put airlines in financial trouble, jeopardizing safety.
BUSINESS
September 6, 1989 | From Reuters
Shares of UAL Corp. rose sharply Tuesday after a bid from a management-labor group last week and on the prospect of a higher offer from competing bidder Marvin Davis. But analysts said Davis may find it hard to persuade unions at UAL's United Airlines to offer the steep concessions necessary to mount a competitive bid. UAL rose $3.75 a share to close at $290.75 in active trading on the New York Stock Exchange. The management group, which includes Chairman Stephen M.
BUSINESS
April 25, 1987 | ROBERT E. DALLOS, Times Staff Writer
UAL Inc., the parent of United Airlines, rejected late Friday the April 5 offer by the airline's pilots to buy the carrier and its computerized reservation system for $4.5 billion . After a special board meeting in Chicago that lasted all Friday afternoon, UAL said: "The airline and Covia (the subsidiary that owns the Apollo reservation system) are not for sale."
BUSINESS
September 6, 1989 | JAMES FLANIGAN
The pilots and other employees of United Airlines seem about to win the bidding contest for UAL Inc. in a buyout worth at least $6.5 billion, and make it the largest employee-owned company in the United States. Wow, you say, are the employees getting a good deal? Have working people discovered a get-rich-quick scheme of their own? The answer is yes, it's probably a good deal, but get rich quick it isn't.
BUSINESS
September 6, 1989 | JAMES FLANIGAN
The pilots and other employees of United Airlines seem about to win the bidding contest for UAL Inc. in a buyout worth at least $6.5 billion, and make it the largest employee-owned company in the United States. Wow, you say, are the employees getting a good deal? Have working people discovered a get-rich-quick scheme of their own? The answer is yes, it's probably a good deal, but get rich quick it isn't.
BUSINESS
September 2, 1989 | ROBERT E. DALLOS, Times Staff Writer
The Air Line Pilots Assn., which Friday joined management of UAL Corp. in a bid to buy the airline company, has never been a traditional blue-collar labor union. Most of its members have college degrees. Many own businesses on the side. And the pilots are among the nation's best-paid union laborers with annual salaries topping $80,000. But it is still a labor union.
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