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.
May 1, 1987 |
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."
January 22, 1996 |
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.
January 31, 1992 |
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.
April 7, 1987 |
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.
April 16, 1987 |
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.