UAL Seeks More Time to File Recovery Plan
From Bloomberg News
United Airlines parent UAL Corp. asked a judge to give it until the end of the year to file its bankruptcy recovery plan.
UAL asked U.S. Bankruptcy Court Judge Eugene Wedoff in a court filing Friday to give the Chicago-based company the exclusive right to submit a plan through Dec. 31. Creditors would be precluded during that time from offering competing proposals. The current deadline is Aug. 30.
The world’s second-largest airline said it needed the extra time to obtain exit financing after the U.S. Air Transportation Stabilization Board denied its application for a loan guarantee in June. Wedoff has already granted five extensions.
