Chapter 11 Progress Outlined by UAL
From Bloomberg News
United Airlines parent UAL Corp. expects to exit bankruptcy protection as early as the fourth quarter.
James Sprayregen, the company’s lead bankruptcy lawyer, told U.S. Bankruptcy Court Judge Eugene Wedoff at a hearing in Chicago that UAL management had begun to meet with creditors and other interested parties to outline a preliminary plan for reorganizing United, the world’s second-largest airline.
As a result, UAL may leave Chapter 11 before the end of the year or in the first quarter of 2004, Sprayregen said. UAL had a first-quarter loss of $1.3 billion and was expected to lose money for the year, according to analysts surveyed by Thomson First Call.
From Bloomberg News
