United Again Delays Exit From Bankruptcy
From Associated Press
UAL Corp.’s United Airlines has pushed back its targeted exit from bankruptcy from this summer until fall, ensuring that its complex restructuring will now last close to three years -- twice as long as anticipated.
The latest delay was formally acknowledged when a U.S. Bankruptcy Court judge approved an agreement between United and its lenders that extends its temporary financing by three months, until Sept. 30.
The improved terms represent a vote of confidence for United even though it continues to be unprofitable after 26 months in bankruptcy, reporting a widened fourth-quarter loss of $664 million and a $1.6-billion deficit for 2004.
