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UAL crisis deepens
United Airlines has sunk into further into financial crisis after the Air Transportation Stabilization Board refused its loan application.
The carrier was applying for a $1.8 billion federal loan guarantee.
The New York Stock Exchange halted the trading of UAL shares yesterday pending a decision over whether to continue listing UAL. When trading resumed, the share value fell over 60 percent.
Reports in the financial press suggest the airline could be close to filing for bankruptcy, something UAL is refusing to comment on at this stage. UAL chairman and chief executive Glenn Tilton said: “Whatever course we chart, it should be emphatically clear that United will continue to fly and to deliver exceptional service to our customers worldwide.”
UAL’s recovery is hampered by ongoing disputes with workers over pay cuts. The airline has also been forced to make considerable staff and capacity cuts.
Read our previous stories:
26-Nov-2002 United cuts more jobs
13-Nov-2002 United Airlines strikes vital deal
29-Oct-2002 UAL loss close to $1bn
29-Oct-2002 United to shed 1,500 jobs
25-Oct-2002 United scraps four more routes
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