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United rescue plan agreed by creditors
Wednesday, 03 Jan, 2006
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Creditors of United Airlines have voted to approve the carrier’s reorganisation plan, further raising hopes that it may emerge from Chapter 11 bankruptcy early this year.
The plan will be confirmed at a US Bankruptcy Court hearing on January 18.
United chief executive Glenn Tilton said: “These results validate our efforts to develop an exit plan that is in the best interests of all of our stakeholders and maintains our strong momentum toward emerging from Chapter 11 in February.”
The financial reorganisation has seen cuts of $7 billion from renegotiated aircraft leases and 20,000 job cuts.
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