UAL Press Release
Press Release Source: United Airlines
UAL Initiates Exit Process
Friday July 1, 9:00 am ET
Company Builds on Momentum, Remains on Track to Emerge From Chapter 11 Protection This Fall
CHICAGO, July 1 /PRNewswire-FirstCall/ -- UAL Corporation (OTC Bulletin Board: UALAQ - News), the holding company whose primary subsidiary is United Airlines, today began the process for exiting bankruptcy protection by proposing a timeline that keeps the Company on track to emerge from Chapter 11 this fall. Under the proposed schedule, United intends to file its Plan of Reorganization and Disclosure Statement with the Bankruptcy Court on or about August 1, 2005. The proposed schedule was outlined today in a filing with the U.S. Bankruptcy Court overseeing United's Chapter 11 proceedings.
"Today's filing represents perhaps the most significant step forward in our restructuring," said Glenn Tilton, president, chairman and chief executive officer of United. "We appreciate the substantial contributions of our stakeholders that have brought us to this point, and we look forward to our ongoing collaboration as we complete the work necessary to successfully conclude our restructuring and exit as a viable, competitive company."
"Throughout our reorganization, the ability of our employees to remain focused on our customers and on improving our operations has been critical to our success."
Jake Brace, executive vice president and chief financial officer, added: "We are today prepared to begin the exit process to emerge from bankruptcy this fall, despite extraordinary external challenges. While significant work remains, we believe this timeline for exit is realistically achievable."
The Company has requested that the Court schedule a hearing to approve the Disclosure Statement for early September 2005, and that the Court fix August 29, 2005 as the record date for determining the holders of stocks, bonds, debentures, notes and other securities entitled to receive ballots and materials necessary for voting on the Plan of Reorganization, as specified in the Bankruptcy Code.
About United
United Airlines (OTC Bulletin Board: UALAQ - News) is the world's second largest airline and operates more than 3,400 flights a day on United, United Express and Ted to more than 200 U.S. domestic and international destinations from its hubs in Los Angeles, San Francisco, Denver, Chicago and Washington, D.C. With key global air rights in the Asia-Pacific region, Europe and Latin America, United is one of the largest international carriers based in the United States. United is also a founding member of Star Alliance, which provides connections for our customers to nearly 800 destinations in 139 countries worldwide. United's 58,500 active employees reside in every U.S. state and in many countries around the world. News releases and other information about United can be found at the company's Web site at united.com.
Media Relations Contact:
847.700.5538
847.700.408 (Evenings/Weekends)
--------------------------------------------------------------------------------
Source: United Airlines
Press Release Source: United Airlines
UAL Initiates Exit Process
Friday July 1, 9:00 am ET
Company Builds on Momentum, Remains on Track to Emerge From Chapter 11 Protection This Fall
CHICAGO, July 1 /PRNewswire-FirstCall/ -- UAL Corporation (OTC Bulletin Board: UALAQ - News), the holding company whose primary subsidiary is United Airlines, today began the process for exiting bankruptcy protection by proposing a timeline that keeps the Company on track to emerge from Chapter 11 this fall. Under the proposed schedule, United intends to file its Plan of Reorganization and Disclosure Statement with the Bankruptcy Court on or about August 1, 2005. The proposed schedule was outlined today in a filing with the U.S. Bankruptcy Court overseeing United's Chapter 11 proceedings.
"Today's filing represents perhaps the most significant step forward in our restructuring," said Glenn Tilton, president, chairman and chief executive officer of United. "We appreciate the substantial contributions of our stakeholders that have brought us to this point, and we look forward to our ongoing collaboration as we complete the work necessary to successfully conclude our restructuring and exit as a viable, competitive company."
"Throughout our reorganization, the ability of our employees to remain focused on our customers and on improving our operations has been critical to our success."
Jake Brace, executive vice president and chief financial officer, added: "We are today prepared to begin the exit process to emerge from bankruptcy this fall, despite extraordinary external challenges. While significant work remains, we believe this timeline for exit is realistically achievable."
The Company has requested that the Court schedule a hearing to approve the Disclosure Statement for early September 2005, and that the Court fix August 29, 2005 as the record date for determining the holders of stocks, bonds, debentures, notes and other securities entitled to receive ballots and materials necessary for voting on the Plan of Reorganization, as specified in the Bankruptcy Code.
About United
United Airlines (OTC Bulletin Board: UALAQ - News) is the world's second largest airline and operates more than 3,400 flights a day on United, United Express and Ted to more than 200 U.S. domestic and international destinations from its hubs in Los Angeles, San Francisco, Denver, Chicago and Washington, D.C. With key global air rights in the Asia-Pacific region, Europe and Latin America, United is one of the largest international carriers based in the United States. United is also a founding member of Star Alliance, which provides connections for our customers to nearly 800 destinations in 139 countries worldwide. United's 58,500 active employees reside in every U.S. state and in many countries around the world. News releases and other information about United can be found at the company's Web site at united.com.
Media Relations Contact:
847.700.5538
847.700.408 (Evenings/Weekends)
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Source: United Airlines
