July 27, 2004 |
UAL Corp.'s United Airlines violated federal laws by agreeing with bankers to halt contributions to its pension plans under terms of a new bankruptcy loan, the U.S. Pension Benefit Guaranty Corp. told the airline in a letter released Monday. The agency, which pays benefits when corporate pension plans fail, told UAL Chief Executive Glenn Tilton in a letter that United's failure to pay $72.4 million due July 15 and its plan to skip more than $500 million this year were "of great concern."
July 15, 2004 |
United Airlines is deferring a required quarterly payment of $72.4 million to its employee pension funds, underscoring the pensions' vulnerability as the cash-strapped carrier seeks financing to exit from bankruptcy protection. The UAL Corp.
June 25, 2004 |
The U.S. Treasury's inspector general will begin a preliminary inquiry into the agency's actions during review of a loan guarantee request by UAL Corp.'s United Airlines, a spokesman said Thursday. The informal inquiry by acting Inspector Gen. Dennis Schindel follows Sen. Peter Fitzgerald's (R-Ill.) written request Tuesday for an investigation into whether Treasury Undersecretary Brian Roseboro, who rejected United's request for a $1.
June 19, 2004 |
United Airlines parent UAL Corp. said Friday that it might seek new capital and make additional cost cuts, one day after a U.S. government board rejected a $1.6-billion loan guarantee while leaving open the possibility of reconsidering the bid. The company appealed the ruling by the three-member Air Transportation Stabilization Board and expected an answer within days, UAL bankruptcy lawyer James Sprayregen said.
April 30, 2004 |
UAL Corp., the parent of United Airlines, narrowed its quarterly net loss by two-thirds to $459 million as it reduced costs in Chapter 11 bankruptcy proceedings and boosted fares and passenger traffic. The first-quarter loss shrank to $4.17 a share from $1.34 billion, or $14.16, a year earlier, Chicago-based UAL said. Sales rose 17% to $3.73 billion. UAL's expenses fell 1.4% to $3.94 billion, as United cuts labor and aircraft costs as part of the reorganization that began in December 2002.
April 1, 2004 |
A court ruling allowing United Airlines' parent to stop making payments on bonds issued to build new facilities at airports in Los Angeles and two other cities could crimp the future market for such bonds, but it shouldn't seriously damage the ability of U.S. airports to finance general building projects, analysts said Wednesday. U.S. Bankruptcy Judge Eugene Wedoff in Chicago, who is overseeing UAL Corp.'s reorganization under Chapter 11 of the U.S.
February 28, 2004 |
Ted has landed in Southern California. Sporting bright blue and orange wingtips and a determinedly cutesy persona, the newest low-fare carrier arrived Friday at Ontario International Airport. Ted will have four round trips daily between Ontario and Denver and will begin daily service between Los Angeles International Airport and Las Vegas on March 7. Ted is UAL Corp.'s gambit to gain a toehold in the region's lucrative low-fare air travel market dominated by Southwest Airlines Inc.
February 13, 2004 |
A judge ordered UAL Corp.'s United Airlines to pay $36.5 million to settle a sex discrimination lawsuit brought by 13 former flight attendants over the airline's weight policy. The original settlement was suspended in 2002 when United filed for bankruptcy. A judge reinstated the pact Wednesday. In 2000, an appeals court had found that the weight policy for flight attendants, in place from 1980 to 1994, discriminated against women.
January 28, 2004 |
United Airlines parent UAL Corp. said Tuesday that it narrowed its fourth-quarter net loss to $476 million as the company cut costs and benefited from share sales in Internet companies Orbitz Inc. and Hotwire. The loss at the world's second-largest airline shrank to $4.33 a share from $1.47 billion, or $20.70, in the fourth quarter of 2002, the Chicago-based company said. Sales rose 4.2% to $3.62 billion from $3.47 billion.
December 17, 2003 |
UAL Corp., parent of United Airlines, said it had obtained $2 billion in loans that would help it emerge from bankruptcy protection. UAL said the financing would be provided by J.P. Morgan Chase & Co. and Citigroup Inc. Each agreed to underwrite $200 million of the non-guaranteed portion of the loan and $800 million of the guaranteed portion. The loan package requires a guarantee from the federal Air Transportation Stabilization Board. From Reuters