UAL Initiates Exit Process

1st Jul 2005

UAL Corporation today began the process for exiting bankruptcy protection by proposing a timeline that keeps the Company on track to emerge from Chapter 11 this fall.  Under
the proposed schedule, United intends to file its Plan of
Reorganization and Disclosure Statement with the Bankruptcy Court on or
about August 1, 2005.  The proposed schedule was outlined today in a
filing with the U.S. Bankruptcy Court overseeing United’s Chapter 11

“Today’s filing represents perhaps the most significant step forward in
our restructuring,” said Glenn Tilton, president, chairman and chief
executive officer of United.  “We appreciate the substantial
contributions of our stakeholders that have brought us to this point,
and we look forward to our ongoing collaboration as we complete the
work necessary to successfully conclude our restructuring and exit as a
viable, competitive company.”

“Throughout our reorganization, the ability of our employees to remain
focused on our customers and on improving our operations has been
critical to our success.”

Jake Brace, executive vice president and chief financial officer,
added: “We are today prepared to begin the exit process to emerge from
bankruptcy this fall, despite extraordinary external challenges.  While
significant work remains, we believe this timeline for exit is
realistically achievable.”

The Company has requested that the Court schedule a hearing to approve
the Disclosure Statement for early September 2005, and that the Court
fix August 29, 2005 as the record date for determining the holders of
stocks, bonds, debentures, notes and other securities entitled to
receive ballots and materials necessary for voting on the Plan of
Reorganization, as specified in the Bankruptcy Code. 



Recommended for you

Follow Breaking Travel News

Travel Events Calendar

Media Partnerships

Global Restaurant Investment ForumThe Hospitality & Tourism SummitCATHIC
ITB AsiaChina Outbound Travel & Tourism MarketThe Travel Marketing Store
Serviced Apartment SummitWorld Travel MarketIMEX
AHICWTTCRoutes Online
UBM Aviation