United Airlines (NYSE: UAL) today released the following statement:
“United Airlines and the United Airlines Union Coalition remain committed to achieving $5.2 billion in labor-related cost savings as part of our overall financial recovery program. While we are disappointed that United`s mechanics have failed to ratify their tentative agreement, it`s important to recognize that every other employee group - including two of the three represented by the International Association of Machinists - has either agreed to or ratified their contribution to the labor cost-savings component of United`s business plan currently being reviewed by the Air Transportation Stabilization Board.
“We intend to achieve the full labor cost savings included in our business plan. To that end, we are initiating immediate discussions with the leadership of the International Association of Machinists District 141M to develop contract modifications that will achieve the same savings level called for in the agreement that was not ratified this morning. Reaching our $5.2 billion target is essential if we are to secure federally backed loans and avoid a Chapter 11 filing.
United operates nearly 1,800 flights a day on a route network that spans the globe. News releases and other information about United may be found at the company`s website at www.united.com.