UAL exit delayed ...again...
08-02-2005, 04:15 PM
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UAL exit delayed ...again...
Faces In The News
Tilton's UAL Delays Bankruptcy Plan Filing
Greg Levine, 08.02.05, 5:01 PM ET
Not so fast. United Airlines could cruise into next year without resolving its bankruptcy.
After two-and-a-half years under Chapter 11 protection, the No. 2 U.S. carrier had planned to submit a vast reorganization plan to U.S. Bankruptcy Court on Tuesday. But parent company UAL (otc: UALAQ.OB - news - people ), led by President, Chairman and Chief Executive Glenn Tilton, said it delayed filing its plan.
Why the delay, with so much at stake—not to mention with daylight seemingly so near? The carrier cited requests by its creditors' committee to scrutinize "the complex, extensive documents." United had originally shot for an autumn exit from bankruptcy. United spokeswoman Jean Medina said the revised timeline means it "may be later this year. It may be early next year." But she said the extra time would result in "a smoother exit process."
Meanwhile, another legacy strives to avoid bankruptcy via expansion. Delta Air Lines (nyse: DAL - news - people ) said starting this autumn, it'll boost its roster of Caribbean flights and destinations, seeking to exploit new markets to buttress its sagging revenue. The airline said it would be the only carrier flying nonstop from Atlanta to four destinations: the Dominican Republic, Barbados, St. Martin and St. Lucia. Delta boasted that AMR's (nyse: AMR - news - people ) American Airlines, Continental Airlines (nyse: CAL - news - people ), US Airways (otc: UAIRQ - news - people ) and smaller charter carriers provide competing service only from other hub airports.
Tilton's UAL Delays Bankruptcy Plan Filing
Greg Levine, 08.02.05, 5:01 PM ET
Not so fast. United Airlines could cruise into next year without resolving its bankruptcy.
After two-and-a-half years under Chapter 11 protection, the No. 2 U.S. carrier had planned to submit a vast reorganization plan to U.S. Bankruptcy Court on Tuesday. But parent company UAL (otc: UALAQ.OB - news - people ), led by President, Chairman and Chief Executive Glenn Tilton, said it delayed filing its plan.
Why the delay, with so much at stake—not to mention with daylight seemingly so near? The carrier cited requests by its creditors' committee to scrutinize "the complex, extensive documents." United had originally shot for an autumn exit from bankruptcy. United spokeswoman Jean Medina said the revised timeline means it "may be later this year. It may be early next year." But she said the extra time would result in "a smoother exit process."
Meanwhile, another legacy strives to avoid bankruptcy via expansion. Delta Air Lines (nyse: DAL - news - people ) said starting this autumn, it'll boost its roster of Caribbean flights and destinations, seeking to exploit new markets to buttress its sagging revenue. The airline said it would be the only carrier flying nonstop from Atlanta to four destinations: the Dominican Republic, Barbados, St. Martin and St. Lucia. Delta boasted that AMR's (nyse: AMR - news - people ) American Airlines, Continental Airlines (nyse: CAL - news - people ), US Airways (otc: UAIRQ - news - people ) and smaller charter carriers provide competing service only from other hub airports.
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