United Bankruptcy Exit to Take Longer

Shields, Yvette
February 2005
Bond Buyer;2/22/2005, Vol. 351 Issue 32075, p1
Trade Publication
The article reports that United Airlines Inc. has pushed back its timeline for exiting bankruptcy to the fall from the summer 2005. Judge Eugene Wedoff, during a hearing in Chicago on Friday, approved an amendment in the airline's debtor-in-possession financing with several banks that extends the maturity date through September 2005. The loan is being provided by J.P. Morgan Chase & Co., Citigroup Inc., CIT Group Inc., and GE Capital. The airline has failed to return to profitability due in part to high crude oil prices. The carrier, a division of Elk Grove Village, Ill.-based UAL Corp. is trying to rid itself of its traditional employee pension plans to achieve the savings needed to exit bankruptcy.


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