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UAL loss close to $1bn
United Airways’ parent UAL lost a whopping $889 in the third quarter, but said it was continuing to make progress on its financial recovery plan.
UAL claims it is close to a deal with unions that would allow it to get a federal loan guarantee. Chairman, president and chief executive officer Glenn Tilton insisted a Chapter 11 filing was not inevitable.
Four of the five unions have apparently agreed a deal with the company that will lead to over $1billion of cost savings per year.
The company ended the quarter with a cash balance of $2 billion but its daily cash burn rate of $7 million will increase in the fourth quarter. United also has several large cash obligations in the fourth quarter, including payments of $300 million due on November 17 and $575 million due December 2.
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