Chicago, December 4, 2002 - UAL Corp., the holding company whose primary subsidiary is United Airlines, today commented on the announcement by the Air Transportation Stabilization Board (ATSB) related to its application for a $1.8 billion federal loan guarantee.
UAL Chairman, CEO and President Glenn F. Tilton said, “We are disappointed that the ATSB could not approve the proposal submitted by United. We appreciate, however, the possibility expressed to consider an improved proposal at a later date. We will consult with our union leaders and other stakeholders and quickly determine what step to take next.
“I want to thank all the members of United`s union coalition, our salaried employees and our management for their willingness to contribute to United`s financial recovery. We also appreciate the time and effort the ATSB staff, working group and board members put into reviewing our business plan. Despite our disappointment, we believe that the work we`ve accomplished in developing our ATSB proposal will serve us well as we build our platform for the future, regardless of the path we take. Finally, I want to express my deep appreciation to the many friends of United who supported our efforts.
“Whatever course we chart, it should be emphatically clear that United will continue to fly and to deliver exceptional service to our customers worldwide.”
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.