United Airlines Statement

17th Oct 2002

United Airlines (NYSE: UAL) today announced that it will release its third-quarter financial results as scheduled on Friday, October 18.  The previously announced conference calls for analysts and members of the press, however, will be scheduled for a time in the near future when the company will be able to discuss greater details of its financial recovery plan, which is the matter of greatest interest for call participants.

United continues its vigorous pursuit of solutions to its current financial crisis on a number of important fronts.  As it pursues these remedies, the company’s first priority continues to be accomplishing a restructuring outside of the bankruptcy courts, although a Chapter 11 filing can’t be ruled out.
The company has held discussions about labor cost savings with the United Airlines Union Coalition and also, as planned, with Coalition members individually.  These meetings have continued throughout the week.
In addition, United is engaged in discussions with lenders, suppliers and others to secure short- and long-term sources of capital. 
Furthermore, a company task force is making significant progress in identifying new sources of revenue and non-labor expense reductions. 
United intends to file an updated business plan soon with the Air Transportation Stabilization Board that makes a compelling case for federal loan guarantees as well as for the company’s ability to return to financial health and profitability.  This process is progressing rapidly and United is moving quickly to finalize the structure and content of this plan.


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