UAL crisis deepens - TravelMole


UAL crisis deepens

Friday, 06 Dec, 2002 0

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



Related News Stories:  



 



Most Read

Kittipong Prapattong’s Plan for Thailand’s Tourism Growth: Taxes, Visas, and Campaigns

James Jin: Didatravel’s Journey from China to Global Reach and the Impact of AI on Travel

Darien Schaefer on Pensacola’s Evolution: From Small Town to Global Destination

Florida Tourism’s Next Frontier: Dana Young on Expanding Beyond the Classics

Patrick Harrison on Tampa Bay Tourism’s Resilience and Marketing Strategy

Bubba O’Keefe on Clarksdale’s Vibrant Music Scene

Commemorating Elvis and Embracing Tupelo’s Culture with Jennie Bradford Curlee

Craig Ray and the Expansion of the Blues Trail

Presenting Mississippi’s Cultural Trails with Katie Coats

Robert Terrell: A Journey Through BB King’s Influence

Rochelle Hicks: Celebrating Mississippi’s Musical Legacy

Exploring Jacksonville with Katie Mitura: The Flip Side of Florida
TRAINING & COMPETITION

Our emails to you has bounced travelmole.com Or You can change your email from your profile Setting Section

Your region selection will be saved in your cookie for future visits. Please enable your cookie for TravelMole.com so this dialog box will not come up again.

Price Based Country test mode enabled for testing United States (US). You should do tests on private browsing mode. Browse in private with Firefox, Chrome and Safari