Anthony @ Equity Investigations, Dear Anthony, Message Board

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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony,

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To: Francois Goelo who wrote (79096)	9/7/2005 10:59:27 AM
From: StockDung	Read Replies (1) of 122087

UAL's United Files Bankruptcy Plan; Shareholders to Get Nothing Sept. 7 (Bloomberg) -- UAL Corp.'s United Airlines filed a reorganization plan today providing a 4 percent to 7 percent return on the dollar for unsecured creditors. The proposal came 33 months after it sought Chapter 11 bankruptcy protection. United, the second-largest U.S. carrier, said in the disclosure statement filing that shareholders won't receive anything under the reorganization, and that unsecured creditors ultimately are expected to have claims worth $20 billion to $30 billion. The company, which had said that shareholders weren't likely to receive anything in the plan, is seeking to exit bankruptcy by early next year. Chicago-based United won two rounds of labor concessions for almost $4 billion in annual savings, renegotiated lower aircraft lease rates and reduced the rates paid in commuter carrier contracts in the proceedings. The airline sought cost cuts to compete with growing discount carriers and counter rising fuel prices. United will have a bankruptcy court hearing Sept. 16 in Chicago to begin the process of setting dates on which the plan can be approved by creditors and the court. To contact the reporter on this story: Lynne Marek in Chicago at lmarek@bloomberg.net Last Updated: September 7, 2005 10:40 EDT Advertisement: More Tools. More Research. More Control. Still $7. Scottrade.

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