CHICAGO, August 29, 2002—- United Airlines (NYSE: UAL) issued the following statement:
“United Airlines confirmed today that it has met with representatives of its employee groups and informed them that, for purposes of its enhanced recovery plan, it has set a cost-savings target of $2.5 billion annually over the next six years. This $2.5 billion in cost savings includes $1.5 billion in annual labor-related cost reductions. The company believes that the $2.5 billion target will better align costs with anticipated future revenues and increase the likelihood that the company will qualify for $1.8 billion in loan guarantees from the Air Transportation Stabilization Board.”
The company will have no further comment on this matter today.